Ghanaians are expected to face another wave of fuel price increases from July 1, following new projections from the Chamber of Oil Marketing Companies (COMAC). The anticipated hike marks the first upward adjustment in fuel prices since February 2025, ending a period of relative stability at the pump.
In its latest market outlook, COMAC forecasts a 5% increase in diesel, a 2% rise in petrol, and a 1% uptick in Liquefied Petroleum Gas (LPG). The projections are based on current global crude oil price fluctuations, exchange rate shifts, and National Petroleum Authority (NPA) price build-ups.
Speaking during a press briefing in Accra, Dr. Riverson Oppong, Chief Executive of COMAC, explained that the fuel hikes would likely proceed despite the suspension of the amended Energy Sector Levy, which was expected to add further pressure to retail prices.
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“Even before the implementation of the amended levy—which has been paused—our data suggest an inevitable rise in pump prices,” Dr. Oppong said. “Diesel will likely increase by 5%, petrol by 2%, and LPG by just over 1%.”
Rising Costs in a Fragile Economy
Fuel remains a critical input across transportation, logistics, agriculture, and manufacturing, and analysts warn that any upward movement in fuel prices could exacerbate inflationary pressures. The Ghanaian cedi, while relatively stable in recent weeks, has not been enough to fully absorb the shocks of international oil market volatility.
The price changes come amid broader economic policy shifts in July, with analysts closely monitoring tariff adjustments, tax reforms, and subsidy reviews that could further affect cost structures for businesses and households.
“The implications are serious,” said a transport sector economist based in Accra. “Diesel drives the entire commercial engine. A 5% rise impacts not just truck operators but also the price of goods and services across the board.”
COMAC Calls for Downstream Sector Reform
COMAC is calling on the government to urgently reassess the regulatory framework governing the petroleum downstream industry. According to Dr. Oppong, inefficiencies in the sector continue to drive operational costs upward, leaving consumers vulnerable to market shocks.
“We need to streamline pricing mechanisms and reduce artificial cost layers. Until then, consumers will continue to absorb the burden,” he said.
For Ghanaians already grappling with cost-of-living increases, the timing of the fuel price hikes—at the start of a new month and a quarter—adds yet another layer of uncertainty.
Last Updated on July 1, 2025 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
