Petroleum prices at the pumps will see a slight increase beginning today, Monday, December 1, the Chamber of Oil Marketing Companies (COMAC) has predicted.

In its latest outlook report, COMAC indicated that petrol prices at the pumps will sell at GH¢12.91 per litre, representing an increase of 1.97% to 3.30%.

Diesel prices are projected to sell at GH¢13.37 per litre, representing an increase of 2.85% to 5.15%. Liquefied Petroleum Gas (LPG) is expected to sell at GH¢13.80. COMAC has attributed the adjustment to the marginal increase in the price of finished petroleum products on the international market, as well as other contributing factors.

Some Oil Marketing Companies (OMCs) in June reduced prices of petroleum products at the pumps. Fuel prices dropped for the second time that week under the current pricing window for June.

Leading the trend, Star Oil announced on June 19, 2025, that it had slashed its petrol price from GHS10.99 per litre to GHS10.80. Diesel prices at the same outlets were also cut, moving from GHS12.77 to GHS12.13 per litre.

Looking ahead, Allied Oil indicated that it would implement further reductions beginning June 20. Earlier this month, on June 16, Allied was selling petrol at GHS10.97 per litre, but the new price stands at GHS10.75.

Joining the trend, Zen Petroleum also reduced its petrol price to GHS10.75. Reports indicated that the reduction in petrol prices was driven by heightened competition among major OMCs, sparking a price war in the sector.

Introduced in 2015, the government's Price Deregulation Policy aimed to encourage competition and help reduce prices beyond the influence of global oil market dynamics.

Meanwhile, some OMCs have hinted that pump prices could increase from July 1, 2025, if the conflict between Israel and Iran in the Middle East continues. Since tensions escalated in the region, crude oil prices have surged from $66 to about $76 per barrel.

Despite this, some industry insiders argue that if the Ghanaian cedi strengthens further in the coming days, it could help absorb the projected five percent or more rise in crude prices.

So far, petroleum prices have seen more than six reductions this year, with industry data attributing much of the decline to the cedi’s appreciation.

The escalating missile exchanges between Israel and Iran are contributing to rising global crude oil prices, posing a potential threat to Ghana’s fuel costs and overall economic stability.

President John Dramani Mahama has directed the Ministers for Finance and Energy, Dr Cassiel Ato Forson and John Abdulai Jinapor, respectively, to closely monitor the unfolding conflict between Israel and Iran and provide proactive measures to safeguard the country’s recent economic gains from external shocks.

However, the Chamber of Oil Marketing Companies (COMAC) has assured that the escalating geopolitical tensions between Iran and Israel will not affect the oil market.

Speaking to the media, the Chief Executive Officer (CEO) of COMAC, Dr. Riverson Oppong, noted that when prices go up or down in the world market, it takes some time before those changes are seen in local prices.

A week-old air war escalated with no sign yet of an exit strategy from either side, as Israel bombed nuclear targets in Iran on Thursday and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight.

The White House said President Trump would make a decision as to whether the United States will join the war or not in the next two weeks.

"Based on the fact that there's a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks," Press Secretary Karoline Leavitt told reporters on Thursday.

The government has launched a new GHS1 Energy Sector Shortfall and Debt Repayment Levy on petroleum products. This move is to settle energy sector shortfalls, reduce legacy debts, and stabilize power supply across the country, following parliamentary approval.

President John Dramani Mahama assented to the levy on June 5, under the Energy Sector Levies (Amendment) Act, 2025 (Act 1141). The GRA had earlier announced the implementation of the levy; however, it was postponed after strong opposition from oil marketing companies and transport operators.

Initially set to take effect on Monday, June 9, it was rescheduled to start on Monday, June 16. It was then rescheduled again due to the tensions between Iran and Israel.

According to Tariff Interpretation Order (TIO) No. 2025/003, issued by the GRA, the new levy affects several key fuel products.

The levy on petrol (motor spirit, super) and diesel (gas oil) will rise from GHS0.95 and GHS0.93, respectively, to GHS1.95 and GHS1.93 per litre. Marine gas oil (local) will increase from 0.30 to 0.23, marine gas oil (foreign) from 0.93 to 1.93, and heavy fuel oil by 0.04.

All cash-and-carry transactions where products are lifted on or after the effective date will attract the revised levies.