Fuel prices to remain stable despite Israel-Iran war – COMAC

Fuel prices in Ghana are expected to remain steady in the second pricing window of June, despite rising geopolitical tensions between Iran and Israel, according to the Chamber of Oil Marketing Companies (COMAC).

Chief Executive Officer of COMAC, Dr. Riverson Oppong, explained that while global crude prices have seen fluctuations due to the conflict, these changes do not immediately translate into local pump prices due to delays in the pricing system.

“Even though international prices surged over the weekend due to the Iranian-Israeli war, our domestic pricing doesn’t reflect such changes instantly,” Dr. Oppong said. “There is always a lag—whether prices are rising or falling—before we see any effect at the pump.”

He noted that local consumers will continue to benefit from previously acquired stocks and existing commercial arrangements that lock in prices, ensuring stability for now.

“For this week, pump prices will remain cool because we’re dealing with products already in the system or bought under earlier agreements,” he added.

In a related development, the Ministry of Energy and Green Transition has postponed the implementation of new petroleum levies initially set to take effect on June 16, 2025.

The Energy Sector Levies (Amendment) Act, 2025 (Act 1141), which proposed a GHS1 per litre tax on petroleum products, has been temporarily suspended.

Speaking on Channel One TV’s Newsroom on Saturday, June 14, the Ministry’s Head of Communication, Richmond Rockson, said the decision is intended to cushion consumers and curb inflation amid ongoing global price instability.

He emphasized that the move forms part of the government’s broader efforts to mitigate the economic impact of external shocks on Ghanaians.