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The Chamber of Petroleum Consumers (COPEC) has warned that fuel prices in Ghana are likely to increase during the first pricing window of July 2025, citing growing geopolitical tensions in the Middle East.
According to COPEC Executive Secretary Duncan Amoah, the escalating conflict between Iran and Israel — heightened by recent U.S. airstrikes on Iranian nuclear sites — is disrupting global oil markets and may affect Ghana’s fuel imports.
A major concern is the possible closure of the Strait of Hormuz, a vital passage for about 20% of the world’s oil and gas supply. Such a move could severely limit global oil distribution and push prices up sharply.
“This week is likely to see a lot of activity on the international front as far as fuel pricing is concerned,” Amoah said in an interview with Citi Business News. “Ghana clearly cannot be excused from the possibility of paying more for fuel.”
He explained that Bulk Distribution Companies (BDCs) may increase prices due to the higher risks and costs of importing fuel amid the ongoing conflict. Oil Marketing Companies (OMCs), which buy directly from the BDCs, may then be forced to raise their pump prices as well.
While consumers enjoyed some relief during the second pricing window of June, Amoah cautioned that the positive trend is unlikely to continue into July. He noted that global petroleum price shifts typically impact local markets within 5 to 7 days.
He also praised the government’s decision to suspend the proposed GH¢1 levy under the Energy Sector Shortfall and Debt Repayment Levy (ESSDRL), describing it as a welcome relief for consumers.
Finally, Amoah urged the government to expedite the rehabilitation of the Tema Oil Refinery (TOR), which is expected to resume full operations by October 2025. He emphasized that a functional TOR would help reduce Ghana’s dependency on imported refined products and mitigate future price shocks.
