Fuel Prices Likely To Rise From July’s First Pricing Window

• The Chamber of Oil Marketing Companies has said fuel prices are likely to increase from July 1, 2025
• This would be the first time since February 2025 that prices of fuel will see an increase at the pumps
• There were concerns of disruptions in the supply of fuel amid fighting in the Middle East and the threats to oil supply globally

Projections from the Chamber of Oil Marketing Companies suggest that fuel prices are likely to increase from July 1, 2025.

According to the chamber, petrol may witness a 2% increase, while prices of diesel could go up by 5%.

Joy News reported that Liquefied Petroleum Gas (LPG) could see a 1% increase in prices. This would be the first time since February 2025 that prices of fuel will see an increase at the pumps.

The Chief Executive of the chamber, Dr. Riverson Oppong, disclosed the projections during a press conference.

"Even before the implementation of the amended Energy Sector Levy, which has been suspended, our projections indicate that pump prices may be going up.”

“I can say petrol is likely to go up by 2%, LPG may witness a little above 1 per cent and Diesel will likely increase by 5%. This is after taking all factors into consideration, including NPA price build-ups."

Recent fuel price drops in Ghana

Some selected stations are selling petrol for as low as GH¢10.45 per litre.

The Chamber of Oil Marketing Companies noted that the cedi’s continuous appreciation against the US dollar is a major reason for the reduction at the pumps.

The suspension of the increase in taxes on fuel also gave more room for a reduction.

The Ghana Revenue Authority said the increment was postponed based on a directive from the Minister of Finance, Casiel Ato Forson.

About the tensions in the Middle East

Oil prices rose following a US attack on Iranian nuclear sites in June, with the price of the benchmark Brent crude reaching its highest level in five months.

Israel launched a surprise attack on Iranian nuclear and military targets on June 13 as part of plans to dismantle its nuclear programme.

In retaliation, Iran also launched hundreds of rockets and drones at Israel.

BBC reported that the two countries have continued exchanging strikes since, in an air war which has now lasted more than a week.

Though tensions have subsided, there were concerns that Iran could close the Strait of Hormuz, one of the world's most important shipping routes.

Around 20% of the world's oil passes through the Strait of Hormuz, with major oil and gas producers in the Middle East using the waterway to transport energy from the region.

IMF endorses GH¢1 increase in fuel tax

YEN.com.gh reported that the International Monetary Fund is backing the GH¢1 increase per litre in taxes on fuel products

Speaking at a press briefing, Julie Kozack, Director of the IMF’s Communications, said the increase was a strategic measure aligned with the country’s fiscal goals under Ghana's ongoing IMF Extended Credit Facility (ECF) programme.

The government said the tax increase is needed to support the clearing of the $3.1 billion energy sector debt.

Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.

Source: YEN.com.gh