Fuel prices are expected to remain stable in the second pricing window of June, despite escalating geopolitical tensions in the Middle East, particularly between Iran and Israel. Apexnewsgh reports
According to the Chamber of Oil Marketing Companies (COMAC), recent developments in the region are unlikely to have an immediate impact on fuel prices at the local pump.
The Chief Executive Officer of COMAC, Dr. Riverson Oppong, 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, our forecast does not capture those movements,” he explained. Dr. Oppong added that the same delay applies when global prices fall, and it takes time for landing prices to be changed.
For the current week, Dr. Oppong expects “cool prices” at the pump level, as marketers will be selling old stocks or products that have already been locked in and paid for. “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 stated.
In a related development, the Ministry of Energy and Green Transition has announced a temporary suspension of new petroleum levies that were scheduled to take effect 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.
The Ministry’s spokesperson, Richmond Rockson, explained that the postponement is a response to recent volatility in global oil prices and forms part of broader efforts to contain inflation and shield consumers from further price hikes. The decision is expected to provide relief to consumers and help stabilize fuel prices in the short term.
Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen
