The Chamber of Oil Marketing Companies (COMAC) has assured that fuel prices are expected to remain stable in the second pricing window of June despite the geopolitical tensions in the Middle East.
COMAC, which gave this assurance had indicated earlier that the escalating tensions between Israel and Iran is likely to have an immediate impact on fuel prices at the local pump.
Dr. Riverson Oppong, Chief Executive Officer of COMAC, attributed this stability to the lag between global market fluctuations and domestic pricing mechanisms.
“Despite fuel prices going up over the weekend because of the Iranian-Israeli war, you realize that our forecast does not in any way capture those movements. This is the reason why I say that when fuel prices are going up, we do not see the effect immediately on pump prices in this country,” he stated.
According to him, the delay does not only apply to price increment but also when prices of fuel fall globally.
“It is the same thing when it is going down—we should not expect fuel prices hit our prices immediately because it takes time for the landing prices to be changed.
“For this week, we are going to have cool prices at the pump level because we are going to sell old stocks or people who have locked in products and paid for it already or may have signed some commercial agreement,” he explained.
Meanwhile, the Ghana Revenue Authority and the Ministry of Energy and Green Transition have announced an indefinite suspension of the new energy sector levy which was to be implemented this month.
The Energy Sector Levies (Amendment) Act, 2025 (Act 1141), which proposed a GH₵1 increase per litre on petroleum products, will not be implemented on the planned date of June 16, 2025.
Government has disclosed that the suspension comes as a result of the fluctuations in the global oil prices. It has further indicated that the decision forms part of broader efforts to contain inflation and shield consumers from further price hikes.
Meanwhile, Minority Leader, Alexander Kwamena Afenyo-Markin, is calling for the outright withdrawal of the bill rather than a postponement.
GHC1 fuel levy: We demand withdrawal now, not postponement – Afenyo-Markin
