The prices of fuel are expected to decrease significantly starting today, June 16, 2025, following the delay of the GH¢1 Energy sector levy.
The Chamber of Oil Marketing Companies’ Pricing Outlook Report indicates that the reduction in fuel prices will be the seventh since February 16, 2025.
The Ghana Revenue Authority (GRA) on June 13th postponed the implementation of the Energy Sector Levy on selected petroleum products, which was set to take effect today. The suspension followed a directive from the Minister of Finance after consultations with key stakeholders.
The GRA in a notice also stated that a new implementation date will be announced later, citing the need for further technical and operational readiness.
New prices from June 16 2025
According to Joy Business, based on the pricing outlook from June 16 to 30, 2025 from the Oil Marketing Companies (OMCs), a litre of petrol is likely to be sold at GH¢11.77. This will represent a drop of between 1.1% and 2.25% from the price quotes on June 1, 2025.
Diesel would witness one of its biggest drops in recent times, going down by as much as 4.3%. This could result in a litre being sold at the pumps at GH¢12.13.
Similarly, Liquefied Petroleum Gas (LPG) is expected to decline by 3.2%. This will result in a kilogramme being sold at GH¢13.30.
The Energy Sector Levy
On June 3, Parliament approved the Energy Sector Levy (Amendment) Bill, 2025, introducing a GHS1 increase in the levy on petroleum products. The measure was expected to generate an additional 5.7 billion Ghana Cedis in revenue to help reduce energy sector debts and support a stable power supply.
However, many Ghanaians, including stakeholders and associations, have objected to the implementation, citing increased burden and similarity to the E-levy.
The Chamber of Oil Marketing Companies predicts that if the government had not suspended the GH¢1.0 levy, fuel prices would have increased significantly from June 16, 2025. Petrol would have increased by 9.1% per litre, while diesel would have increased by 8.25% per litre. LPG would have decreased by 2.29% as it wasn’t affected.
Tensions in the Middle East
The past few days have seen a rise in global oil prices after Israel claimed it struck Iran, escalating tensions in the Middle East.
Brent crude futures opened more than 4% higher on Sunday evening, trading above $77 per barrel, as tensions between Iran and Israel erupted into open military conflict targeting critical energy infrastructure.
The spike follows an 8% jump on Friday, marking one of the sharpest two-day increases in oil prices in recent years.
In light of this, President John Dramani Mahama has assured Ghanaians that he tasked the Minister of Energy to closely monitor developments from the ongoing tensions between Israel and Iran. The minister shall also map out the possible impacts on petroleum prices and prepare measures to protect the country’s recent economic growth, as well as the cedi gains.
