Ghana Fuel Prices Drop Again as Energy Sector Levy Suspended: Petrol Now GH¢11.77/Litre

Starting Monday, June 16, consumers across Ghana will enjoy lower fuel prices as the government suspends the controversial GH¢1.0 Energy Sector Levy, resulting in the seventh fuel price reduction since February 2025.

According to the latest Pricing Outlook Report from the Chamber of Oil Marketing Companies (COMAC), petrol prices have dropped to GH¢11.77 per litre, representing a decrease of 1.1% to 2.25% compared to early June rates.

Diesel has seen a steeper drop, falling 4.3% to GH¢12.13 per litre, while Liquefied Petroleum Gas (LPG) now sells at GH¢13.30 per kilogramme, marking a 3.2% price cut.

Levy Suspension Averts Sharp Price Hikes

COMAC revealed that had the GH¢1.0 levy remained in place, fuel prices could have spiked by over 9% for petrol and 8.25% for diesel. LPG, which is unaffected by the levy, would still have seen a moderate 2.29% drop.

“The removal of the levy saved Ghanaians from a significant fuel price hike,” the report stated.

Strong Cedi Shields Ghana from Global Oil Price Surge

The price reductions come despite rising crude oil prices on the international market, driven by escalating tensions in the Middle East. Recent Israeli airstrikes on Iranian nuclear sites have pushed crude oil prices up to US$75 per barrel, from US$65.35.

However, COMAC attributes the continued domestic price relief to the cedi’s strong performance against the dollar, which has softened the impact of global oil shocks.

“The consistent appreciation of the cedi has been the key reason for this sustained drop in fuel prices,” COMAC told Joy Business.

Global prices for petrol and diesel have risen by 1.03% and 3.94%, respectively, underlining the importance of exchange rate stability in local price management.

Experts Warn of Possible Fuel Price Increase in July

While Ghanaians benefit from lower fuel costs this month, COMAC warns that the trend may not last.

“If crude oil prices continue to rise due to geopolitical tensions, then Ghanaians should brace themselves for a fuel price increase from July 1, 2025,” the report cautioned.

COMAC said it will continue monitoring global oil markets and Ghana’s exchange rate performance to help forecast and manage price movements effectively.

With the Energy Sector Levy temporarily shelved and the cedi holding strong, Ghanaians are enjoying a brief respite from rising fuel costs. However, global uncertainties could test the durability of this relief in the coming weeks.