Petrol, Diesel and LPG Prices to Decline Amid Cedi Appreciation and GHS 1 Levy Suspension
Prices of petroleum products at the pumps are expected to decline beginning today, June 16, 2025, following the government’s decision to suspend the proposed GH¢1.0 Energy Sector Levy.
The anticipated drop in prices is captured in the Pricing Outlook Report released by the Chamber of Oil Marketing Companies (COMAC). According to the report, this will mark the seventh consecutive reduction in fuel prices since February 16 this year.
The pricing forecast for the period June 16 to 30, 2025, indicates that a litre of petrol is expected to retail at GH¢11.77, representing a decline of between 1.1% and 2.25% compared to pump prices recorded on June 1, 2025.
Diesel prices are also projected to witness a sharp decline, with a litre expected to sell at GH¢12.13, translating to a 4.3% drop, one of the most significant decreases in recent months.
In the case of Liquefied Petroleum Gas (LPG), COMAC estimates a 3.2% reduction, with a kilogramme set to sell at GH¢13.30 during the pricing window.
The Chamber attributed the drop in prices largely to the sustained appreciation of the Ghana cedi against the US dollar, which has helped cushion the domestic market from rising global crude oil prices. Brent crude is currently trading at US$75 per barrel, spurred by escalating tensions in the Middle East following a sudden conflict between Israel and Iran.
“Despite the upward pressure on international oil prices, the strong performance of the local currency has played a stabilising role in domestic pricing,” COMAC stated.
However, the Chamber has cautioned that if global crude prices continue to surge in the coming days, fuel prices could rise again from July 1, 2025.
Impact of Suspended Levy
COMAC’s modelling also revealed the significant impact the proposed GH¢1.0 Energy Sector Levy would have had on pump prices if it had been implemented.
Per the Chamber’s analysis, petrol prices would have shot up by 9.1% per litre, while diesel would have climbed by 8.25% per litre. LPG, which was excluded from the scope of the levy, would have still seen a slight decline of 2.29%.
The decision to postpone the levy, therefore, comes as a relief to consumers already burdened by high living costs and volatile global commodity prices.
The Ministry of Energy and Green Transition over the weekend confirmed the postponement of the implementation of the Energy Sector Levies (Amendment) Act, 2025 (Act 1141), which was initially scheduled to take effect on June 16.
