Effective tomorrow, Tuesday, July 1, fuel prices are projected to increase at retail stations.

This was projected by the Chief Executive of the Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong.

Engaging the media in Accra, Dr. Riverson Oppong noted that petrol prices may rise by 2% and diesel by 5%.

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

“I can say petrol is likely to go up by 2 percent, LPG may witness a little above 1 percent, and diesel will likely increase by 5 percent. This is after taking all factors into consideration, including NPA price build-ups," he said.

Meanwhile, the Chamber of Petroleum Consumers (COPEC) has also projected an increase in fuel prices in the coming days.

Speaking to Citi, the Executive Secretary of COPEC, Duncan Amoah, indicated that the ongoing conflict between Iran and Israel could disrupt the global supply of oil.

According to him, the impact on global oil supply will create supply issues in Ghana, as the country imports its fuel.

“This week is likely to see a lot of activity on the international front as far as fuel pricing or petroleum pricing is concerned and Ghana clearly cannot be excused that possibility of paying more for fuel.

"What I see happening locally is that the BDCs may take a cue, knowing well that it is riskier landing cargo than it was a week before due to the tensions on the strait, and so I will not be surprised that in the course of the week some BDCs will adjust their prices upwards, and once that happens some of the OMCs will have to follow because they buy directly from the BDCs,” he said.

Iran and Israel exchanged missiles on Saturday night, June 14, and early on Sunday, marking the third consecutive day of attacks between the two countries after Israel initially attacked Iran on Friday morning.

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.

Meanwhile, 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.

“I have instructed the Ministers of Finance and Energy to keep a close eye on the developments and model the possible impact on our petroleum prices. They must prepare appropriate measures to safeguard the gains we’ve made,” the president said during his Thank-You Tour of the Savannah Region on Saturday, June 14.

Amid the conflict, the government has declared the immediate closure of the embassy in Tehran.