The Chamber of Oil Marketing Companies (COMAC) has announced that fuel prices at the pump are set to rise starting July 1, 2025, marking the end of a seven-month stretch of declining prices.
According to COMAC’s projections, petrol prices will increase by 2%, diesel by 5%, and Liquefied Petroleum Gas (LPG) by 1%. This marks 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.
In addition to the pricing updates, COMAC raised serious concerns over the government’s ongoing subsidy on Marine Gas Oil, which is primarily intended for maritime use. Dr. Oppong warned that the subsidy is creating loopholes that some operators are exploiting to divert the product into the commercial diesel market, leading to revenue losses for the state.
“The loophole is being exploited, costing the state significant revenue,” he said. “We are calling on government to scrap the subsidy on Marine Gas Oil to prevent further diversion and protect national revenue.”
The Chamber is also calling for a broader review of petroleum downstream sector regulations to ensure more efficient and cost-effective operations across the value chain.
