Despite rising tensions in the Middle East sparked by the ongoing conflict between Israel and Iran, fuel prices at the pump in Ghana are expected to remain stable through the second pricing window of June, according to the Chamber of Oil Marketing Companies (COMAC).
Dr. Riverson Oppong, chief executive officer of COMAC, said that while global crude prices surged over the weekend in response to the military confrontation, Ghana’s domestic pricing system is insulated—at least in the short term—due to a delay in translating international market shifts to local retail prices.
“There’s always a lag,” Dr. Oppong said in an interview. “Our forecasts don’t immediately reflect external price movements. When international prices increase, local pump prices tend not to respond right away. The same applies when prices fall.”
Fuel sold in Ghana during the current pricing window largely reflects previous import costs or contracts that were locked in before the latest geopolitical upheaval, he added. “For this week, pump prices will remain ‘cool’ because marketers are still selling old stock or pre-paid consignments,” he noted.
Meanwhile, the Ministry of Energy and Green Transition has announced a pause in the implementation of new petroleum levies that were due to take effect June 16. The Energy Sector Levies (Amendment) Act, 2025—legislation that would have added GH₵1 per litre to petroleum products—has been temporarily shelved.
The ministry cited ongoing global price volatility as the reason for the delay. “The government is taking a cautious approach in light of unpredictable oil market dynamics,” said Richmond Rockson, the ministry’s spokesperson, during an appearance on Channel One TV on Saturday.
While international analysts warn that an extended Israel-Iran conflict could disrupt oil supply routes and drive up prices further, COMAC maintains that unless such volatility persists over a longer period, Ghana’s fuel consumers are unlikely to see immediate cost impacts.
Source:TheDotNews