The prices of petroleum products are expected to drop at the pumps from Monday, June 16, 2025, following the postponement of the GH¢1.0 Energy Sector Levy.
This is according to the Pricing Outlook Report compiled by the Chamber of Oil Marketing Companies (COMAC).
According to the report, this will mark the seventh fuel price drop since February 16, 2025. The implementation of the levy would have led to significant increases in fuel prices.
Pricing Dynamics from June 16, 2025
Based on the pricing outlook from June 16 to 30, 2025, secured by Joy Business from Oil Marketing Companies (OMCs):
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Petrol is likely to be sold at GH¢11.77 per litre, representing a reduction of 1.1% to 2.25% from the June 1, 2025, price.
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Diesel is expected to see a significant drop of up to 4.3%, with prices at GH¢12.13 per litre.
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Liquefied Petroleum Gas (LPG) may decline by 3.2%, bringing the price per kilogram to GH¢13.30.
Reasons for the Drop
COMAC attributes the projected decline to the cedi’s continued appreciation against the US dollar, which has helped cushion local pump prices despite rising prices on the international market.
This comes in the wake of heightened geopolitical tensions, particularly the Israel-Iran conflict, which pushed Brent crude prices to about $75 per barrel.
Crude Oil Market Impact
The report notes that crude oil prices have surged globally following Israel’s military strikes on Iran’s nuclear facilities. This has raised concerns over global oil supply and caused:
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A 4.41% increase in crude oil prices (from $65.35 to $68.23 per barrel).
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A 1.03% increase in petrol prices and a 3.94% rise in diesel on the international market.
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However, LPG prices declined by 1.79%.
The U.S. also partially evacuated its embassy in Iraq, further escalating market uncertainty.
Impact of GH¢1.0 Energy Sector Levy
COMAC analysis shows that if the government had implemented the additional GH¢1.0 levy, fuel prices would have risen sharply from June 16:
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Petrol would have increased by 9.1% per litre.
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Diesel would have gone up by 8.25% per litre.
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LPG, not included in the levy, would have still declined by 2.29%.
Officials, however, warn that if crude prices continue to rise, consumers should brace for possible price increases from July 1, 2025.
