The Chamber of Petroleum Consumers (COPEC) is estimating a reduction in fuel prices in the upcoming pricing window, commencing Monday, 16 September 2024.
According to COPEC, the average reduction across petrol, diesel, and LPG is expected to be approximately 4%, providing relief to consumers amid continued global fluctuations in petroleum prices.
“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’s projection indicates that the mean retail price of petrol is expected to fall to GH¢12.956 per litre.
Diesel and LPG are likely to fall to GH¢13.642 per litre and GH¢15.345 per kilogram respectively.
These reductions according to COPEC are due prices of petroleum products dipping on the international market “with crude price being the lowest in the course of the year.”
COPEC recommended that the government take drastic measures to reduce taxes on fuel products, particularly LPG, to promote broader accessibility and usage, which it said would help reduce deforestation due to firewood use and also make attempts to revive the Tema Oil Refinery (TOR), as it would reduce reliance on imported refined fuel products and help prevent issues such as fuel contamination.