The deferral of the GH¢1.0 Energy Sector Levy on Monday, June 16th, 2025, is likely to reduce petroleum product prices at the pump drastically.
This is based on the Chamber of Oil Marketing Companies‘ pricing outlook report.
The report states that this will be the seventh decline in fuel prices since February 16, 2025.
The adoption of the levy will increase petroleum product prices.
Pricing Dynamics for June 16, 2025
Joy Business acquired a pricing outlook from the Oil Marketing Companies (OMCs) from June 16 to 30, 2025, indicating that a litre of petrol will likely cost GH¢11.77. This is a 1.1% to 2.25% reduction from price quotes on June 1, 2025.
Diesel would experience one of its most significant losses in recent memory, falling by up to 4.3%. This might lead to a litre being sold at the pumps for GH¢12.13.
Similarly, Liquefied Petroleum Gas (LPG) is predicted to fall 3.2%. This results in a kilogramme being sold at GH¢13.30.
Reasons
COMAC told Joy Business that the cedi’s continued rise against the US dollar is the primary reason for the decrease at the pumps.
This is despite growing global petroleum product prices. This was exacerbated last week by an unexpected battle between Israel and Iran in the Middle East. The current price of Brent crude is around $75 per barrel.
However, chamber officials have stated that if the recent jump in crude prices does not subside in the next weeks, consumers should brace themselves for an increase in fuel costs beginning July 1, 2025.
Crude Oil Pricing and Trends
The COMAC research also highlighted that crude oil prices have been growing on the international market, posing a danger to the country’s fuel price stability.
Tensions in the Middle East have risen as Israel conducted military strikes on Iran’s nuclear facilities, causing a dramatic increase in oil prices and heightening global anxiety.
As of the time this report was written, crude oil prices had risen 4.41%, from $65.35 to $68.23 per barrel. The United States ordered a partial evacuation of its embassy in Iraq due to rising security concerns, which fuelled this surge even more.
Following the increase in crude oil prices, international goods for petrol and diesel increased by 1.03% and 3.94%, respectively. In contrast, LPG prices dropped by 1.79%.
Application of GH¢1.0 Energy Sector Levy.
The Chamber of Oil Marketing Companies presented numerous scenarios indicating that if the government had not halted the additional GH¢1.0 fee, petrol prices would have skyrocketed starting June 16, 2025.
According to the report, petrol prices will have risen by about 9.1% per litre.
Diesel would have experienced an 8.25% increase per litre. LPG would have still declined by 2.29% because it was not a petroleum product that was affected.
