Fuel prices in Ghana are expected to remain stable during the second pricing window of June, despite rising geopolitical tensions in the Middle East, particularly between Iran and Israel.

According to the Chamber of Oil Marketing Companies (COMAC), recent developments in the region are not likely to cause an immediate spike in local pump prices. The Chamber attributes this to a delay between fluctuations in the global oil market and changes in domestic fuel prices.

Dr. Riverson Oppong, CEO of COMAC, explained that although global fuel prices rose over the weekend due to the Iran-Israel conflict, such increases typically do not reflect immediately at the pump in Ghana.

“Even though prices are rising globally due to the Iranian-Israeli war, our forecasts don’t reflect those changes right away. That’s because there’s a lag in how international price movements impact our local pricing,” Dr. Oppong said.

He noted that this delay also applies when global prices fall, highlighting the time it takes for changes to affect landing costs and retail pricing.

“For this week, pump prices are expected to remain stable because current sales are based on old stock—either already paid for or secured through commercial agreements,” he added.

In a related development, the Ministry of Energy and Green Transition has temporarily suspended the rollout of new petroleum levies that were set to take effect on June 16, 2025.

The Energy Sector Levies (Amendment) Act, 2025 (Act 1141), which proposed a GH₵1 increase per litre on petroleum products, has been put on hold due to recent volatility in global oil markets.

Speaking on Channel One TV’s Newsroom on Saturday, June 14, Ministry spokesperson and Head of Communication Richmond Rockson stated that the delay is part of a broader effort to manage inflation and protect consumers from further fuel price hikes.