Fuel Prices Will Go Down Starting June 16 Because the Government Has Delayed Adding The GH¢1.00 Levy.

After the GH¢1.0 Energy Sector Levy was postponed, it is anticipated that the cost of petroleum goods will drop dramatically at the pumps starting on Monday, June 16, 2025.

The Chamber of Oil Marketing Companies’ Pricing Outlook Report served as the basis for this.

The report states that this will be the seventh decrease in fuel prices since February 16, 2025.

Petroleum product prices will have increased as a result of the levy’s adoption.

Changes in Fuel Prices Starting June 16, 2025

A liter of gasoline is anticipated to sell for GH¢11.77 per liter, according to the pricing prediction that Joy Business obtained from the Oil Marketing Companies (OMCs) for June 16–30, 2025. Compared to the price quotes on June 1, 2025, this will indicate a decrease of 1.1% to 2.25%.

Diesel would have a 4.3% decline, one of the largest in recent memory. A liter might be sold at the pumps for GH¢12.13 as a result.

Likewise, a 3.2% decrease in Liquefied Petroleum Gas (LPG) is anticipated. A kilogramme will be sold for GH¢13.30 as a result.

Reasons

COMAC informed Joy Business that the main cause of the decrease at the pumps is the cedi’s ongoing strengthening relative to the US dollar.

This is true even though petroleum products are becoming more expensive on the global market. This even worsened last week as Israel and Iran unexpectedly went to war in the Middle East. At the moment, the price of a barrel of Brent crude is approximately $75.

Nonetheless, chamber officials have warned that consumers should prepare for a rise in fuel prices starting on July 1, 2025, if the present surge in oil prices does not abate in the upcoming weeks.

How Crude Oil Prices Change and Affect Fuel Costs

The COMAC research also showed that the price of crude oil has been increasing on the global market, endangering the stability of gasoline prices in the nation.

Following Israel’s military attacks on Iran’s nuclear facilities, tensions in the Middle East have increased, leading to a dramatic spike in oil prices and heightened international unpredictability.

At the time the report was being created, crude prices had increased by 4.41%, from $65.35 to $68.23 per barrel. The United States’ decision to partially evacuate its embassy in Iraq due to growing security concerns served as more gasoline for this influx.

International products for gasoline and diesel increased by 1.03% and 3.94%, respectively, as the price of crude oil rose. LPG prices, on the other hand, decreased by 1.79%.

Adding a GH¢1.00 Charge to Support The Energy Sector.

The various scenarios presented by the Chamber of Oil Marketing Companies indicated that if the government had not suspended the additional GH¢1.0 levy, fuel prices would have witnessed a significant increase at the pumps from June 16, 2025.

The data showed that petrol prices would have increased by approximately 9.1% per litre.

Diesel would have witnessed an 8.25% jump per litre. LPG would have still decreased by 2.29% because it wasn’t part of the petroleum product to be affected.