Fuel Prices to Stay Steady Despite Middle East Tensions

Fuel prices are expected to remain unchanged during the second pricing window of June, even as tensions escalate between Israel and Iran.

The Chamber of Oil Marketing Companies (COMAC) has assured that ongoing geopolitical unrest in the Middle East is not expected to immediately affect fuel costs at the local pump.

Dr. Riverson Oppong, CEO of COMAC, explained that domestic fuel pricing is not instantly affected by international market shifts due to a lag in the pricing mechanism.

“Even though global prices spiked over the weekend due to the Iran-Israel conflict, our current projections do not reflect those increases. That’s because there’s always a delay before such changes impact local pump prices,” Dr. Oppong noted.

He added that this delay applies both when prices rise and when they fall.

“It works both ways—whether prices go up or down, the effects aren’t felt right away because it takes time for landing costs and commercial agreements to adjust,” he said, adding that for now, fuel prices will remain stable as distributors continue selling from existing stock or pre-purchased supplies.

In a related development, the Ministry of Energy and Green Transition has announced a temporary hold on new fuel levies that were due to begin this month.

Originally scheduled for implementation on June 16, 2025, the Energy Sector Levies (Amendment) Act, 2025 (Act 1141), would have introduced an additional GH₵1 per litre on petroleum products. However, the Ministry has paused this increase in light of recent global oil price fluctuations.

Speaking in an interview the Ministry spokesperson Richmond Rockson said the delay is part of efforts to manage inflation and prevent further strain on consumers.