The Chamber of Petroleum Consumers (COPEC) has forecasted a 4% reduction in fuel prices across petrol, diesel, and LPG in the upcoming pricing window, set to begin on Monday, September 16, 2024.
This anticipated decrease comes as a relief to consumers amid global petroleum price fluctuations.
In a statement signed by COPEC’s Executive Secretary, Duncan Amoah, the organization stated that unless there are significant changes in global petroleum FOB prices, the cost of petrol, diesel, and LPG will likely drop. COPEC estimates the mean retail price of petrol to fall to GH¢12.956 per litre, while diesel and LPG prices are projected to decrease to GH¢13.642 per litre and GH¢15.345 per kilogram, respectively.
“Barring any unforeseen major changes in global Petroleum FOB prices, indications across the downstream petroleum market are that, the pump retail prices of Petrol, Diesel and LPG are to go down to the benefit of consumers come the next window beginning 16 Septembers 2024,” a statement signed by COPEC’s Executive Secretary, Duncan Amoah read.
COPEC attributed the reductions to a decline in international petroleum product prices, marking crude oil prices as the lowest seen this year. They further urged the government to lower taxes on fuel, particularly LPG, to encourage its use, reduce deforestation, and help revive the Tema Oil Refinery to minimize dependence on imported fuel.
