Fuel Prices Set to Drop on June 16 as Energy Sector Levy Postponement Offers Relief at the Pumps
Ghanaian consumers are set to benefit from another drop in fuel prices beginning Monday, June 16, 2025, thanks to the government’s decision to postpone the implementation of the controversial GH¢1.0 Energy Sector Levy. The Chamber of Oil Marketing Companies (COMAC), in its latest Pricing Outlook Report, has projected this downward shift in petroleum prices, which will mark the seventh reduction in fuel costs since mid-February this year.
According to the COMAC report, had the levy gone into effect as planned, Ghanaians would have experienced a sharp increase in fuel prices. However, the government’s delay has provided much-needed breathing space for consumers already dealing with inflationary pressures across other sectors.
Fuel Pricing Forecast: June 16 to 30, 2025
The report outlines the expected prices of major fuel products during the second half of June. Data compiled from leading Oil Marketing Companies (OMCs) show a modest to significant drop in various petroleum products:
Petrol is expected to retail at GH¢11.77 per litre, representing a price cut ranging between 1.1% and 2.25% compared to the rate on June 1.
Diesel will see a more noticeable decline, with prices projected to fall by up to 4.3%, settling at GH¢12.13 per litre.
Liquefied Petroleum Gas (LPG) will also be cheaper, with prices falling by 3.2%, bringing the cost per kilogram down to GH¢13.30.
Reasons Behind the Price Drop
COMAC attributes the expected decline in pump prices primarily to the strengthening of the Ghanaian cedi against the U.S. dollar. Despite rising global crude oil prices due to international conflicts, the cedi’s recent appreciation has acted as a buffer, preventing local price hikes.
This price stability comes amid heightened geopolitical tensions, particularly the conflict between Israel and Iran, which has had significant ramifications on the global oil market.
According to the report, Israel’s military actions targeting Iran’s nuclear facilities have pushed Brent crude prices up to $75 per barrel, further destabilizing the market.
Global Market Reactions
The Pricing Outlook Report highlights the global ripple effect of the ongoing crisis:
Crude oil prices climbed by 4.41%, rising from $65.35 to $68.23 per barrel.
International petrol prices edged up by 1.03%, while diesel increased by 3.94%.
Interestingly, LPG prices dropped by 1.79%, providing some relief for consumers dependent on gas for domestic and industrial use.
Adding to market volatility, the U.S. partially evacuated its embassy in Iraq, amplifying concerns about regional stability and supply chain risks.
What If the Levy Was Implemented?
COMAC’s analysis indicates that fuel prices would have surged if the GH¢1.0 Energy Sector Levy had taken effect:
Petrol would have jumped by 9.1% per litre.
Diesel prices would have escalated by 8.25% per litre.
LPG prices, not subject to the levy, would still have seen a decline of 2.29%.
Looking Ahead
While the current pricing trend is favorable, officials caution that if global crude prices continue to rise, Ghanaians could see fuel price hikes from July 1, 2025.
Consumers are encouraged to stay informed as the energy sector continues to face both local and international pressures.
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