PETROL PRICES SET TO DROP BY UP TO 2.2%, DIESEL BY 4.3%, AND LPG BY 3.2% STARTING JUNE 16 — COMAC
Ghanaian motorists and consumers can expect a significant relief at the pumps as the prices of petroleum products are slated to decrease from Monday, June 16, 2025. This follows the postponement of the controversial GH¢1.0 Energy Sector Levy, according to the Pricing Outlook Report by the Chamber of Oil Marketing Companies (COMAC).
This upcoming reduction marks the seventh price adjustment since February 16, 2025. Had the levy been implemented as scheduled, fuel prices would have increased substantially, exacerbating the financial burden on consumers.
Pricing Outlook from June 16 to June 30, 2025
Based on data obtained from Oil Marketing Companies (OMCs), a litre of petrol is projected to retail at GH¢11.77, reflecting a decrease of between 1.1% and 2.25% compared to prices quoted on June 1, 2025.
Diesel prices are expected to experience one of the largest declines in recent times, dropping by as much as 4.3%, potentially reducing the pump price to GH¢12.13 per litre.
Liquefied Petroleum Gas (LPG) prices are also forecasted to fall by 3.2%, with a kilogramme anticipated to sell for GH¢13.30.
Factors Influencing the Price Drop
COMAC officials attribute this price reduction primarily to the Ghanaian cedi’s sustained appreciation against the U.S. dollar, which offsets international crude price increases. This is despite recent global tensions in the Middle East—most notably the conflict between Israel and Iran—that have driven Brent crude prices to approximately US$75 per barrel.
Should the upward trend in crude prices persist beyond the coming weeks, COMAC cautions that consumers may face fuel price increases starting July 1, 2025.
Crude Oil Market Dynamics
The report details a recent surge in crude oil prices, spurred by geopolitical instability in the Middle East. Israel’s military strikes on Iranian nuclear facilities and subsequent U.S. embassy evacuation orders in Iraq have heightened market uncertainties.
Crude oil prices rose by 4.41%, from $65.35 to $68.23 per barrel during the report’s preparation. International prices for petrol and diesel increased by 1.03% and 3.94%, respectively, while LPG prices declined by 1.79%.
According to COMAC’s scenario analysis, implementation of the GH¢1.0 levy would have resulted in substantial fuel price hikes:
- Petrol prices would have risen by approximately 9.1% per litre.
- Diesel prices would have increased by about 8.25% per litre.
- LPG prices would have seen a modest decrease of 2.29%, as the levy does not apply to LPG products.
With the government’s decision to suspend the levy, Ghanaian consumers can anticipate notable savings at the pumps starting June 16.
Source:NKONKONSA.com
