Expect 8% hike in price of petrol and 10% for diesel during next pricing window – COMAC CEO

 

The Chief Executive Officer of Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong has said that even without the GHC1 levy, fuel prices at the pumps are expected to increase.

Speaking in an interview on TV3’Business Focus on July 14, Mr Oppong said in the next pricing window, petrol and diesel prices will increase.

“For the next window, we are expecting roughly 8 to 10% increase in fuel prices,” he said.

“We are looking at around 7 to 8% for petrol and around 10% increase for diesel,” Dr Oppong disclosed.

The next pricing window starts on July 16.

This coincides with the implementation of the GHC1 levy by government.

This development comes as Ghana grapples with an estimated energy sector shortfall projected to reach 2.2 billion dollars by December 2025, according to the International Monetary Fund (IMF). The levy is expected to be used to settle legacy debts in the energy sector.

Executive Director of Centre for Environmental Management and Sustainable Energy (CEMSE), Benjamin Nsiah, is of the view the GHC1 levy may lead to price increase at the local pump in the upcoming pricing window.

“If prices escalate beyond GHC14 per litre, it feeds the argument that prices were around GHC15 per litre and dropped to somewhere around GHC12 per litre and that is the justification for the GHC1 levy. If it goes beyond 15, it means that argument of GHC1 surplus is defeated,” Mr Nsiah explained on Business Focus.

It is recalled that on June 30, COMAC projected that petrol prices will increase by 2%, diesel by 5%, and Liquefied Petroleum Gas (LPG) by 1% from July 1. This marked the first price hike since February 2025.

Speaking in an interview with 3Business, COMAC Chief Executive Officer, Dr. Riverson Oppong, explained that the price increases are based on comprehensive assessments, including the National Petroleum Authority’s (NPA) price build-up.

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

He emphasized that the projected increases are driven by shifts in global oil prices, exchange rate fluctuations, and operational costs within the local petroleum industry.