The Chamber of Petroleum Consumers (COPEC) is predicting a reduction in fuel prices in the upcoming pricing window, which begins on Monday, September 16, 2024.
COPEC anticipates that petrol, diesel, and LPG prices will decrease by an average of 4%, offering some relief to consumers amidst the ongoing global instability in petroleum prices.
In a statement signed by Duncan Amoah, COPEC’s Executive Secretary, it was noted that unless there are significant fluctuations in global Free on Board (FOB) petroleum prices, consumers can expect to see lower prices at the pump from September 16, 2024.
Retail prices for petrol, diesel, and LPG are expected to drop to GH¢12.956 per litre, GH¢13.642 per litre, and GH¢15.345 per kilogram, respectively.
These reductions are attributed to a decline in international petroleum prices, with crude oil prices reaching their lowest point this year.
COPEC also called on the government to reduce taxes on fuel products, particularly LPG, to improve accessibility.
They further urged efforts to revive the Tema Oil Refinery (TOR) to decrease reliance on imported refined fuel and to address issues like fuel contamination, while also highlighting the potential to reduce deforestation caused by reliance on firewood.
