The Ghana Revenue Authority (GRA) has postponed the implementation of the GH¢1 energy sector levies Act, as amended, following a directive from the Minister of Finance in consultation with stakeholders. The levy which is charged on every litre of petrol and diesel at every purchase was due for implementation on Monday, June 16, 2025 from its original implementation date of Monday, 9th June 2025. The Ghanaian cedi has seen a rally since April this year against major trading currencies and has affected prices at the pump that have fallen from a high of GH¢14 per litre to GH¢10 per litre. The government introduced a GH¢1 levy on a litre of petrol and diesel as a revenue measure for settling legacy debts and procuring liquid fuel for the generation of electricity.

The GRA announced the new postponement in a release dated Friday, June 13 that, “the increase in the Energy Sector Shortfall and Debt Repayment for selected petroleum products, which would have to take effect from the 16th of June 2025, has been postponed.” The revenue management agency however notes that a new date for implementation will be communicated in due course.

The sudden rally of oil futures is as a result of rise in tension in the middle east between following an attack on Iranian assets and infrastructure by Israel killing top government officials in the process. The Thursday night unprovoked attack on Iran by Israel was met with a retaliation from Tehran which also struck Israeli infrastructure including residential buildings. The strikes caused the US dollar to gain before Friday’s open on major markets as crude oil futures jumped by 13% on the day of the attack. The Brent global benchmark for oil prices surged more than 10% to $75.15 per barrel, hitting its highest price in almost five months. President of Ghana, John Dramani Mahama has directed both Energy and Finance Ministers to monitor the situation in the middle east and safeguard fuel gains.