The Chamber of Petroleum Consumers (COPEC) has projected a reduction in fuel prices starting Monday, 16 September 2024, in the upcoming pricing window.
The anticipated decrease, estimated to be around 4% across petrol, diesel, and LPG, comes as a welcome relief to consumers amid ongoing global volatility in petroleum prices.
In a statement signed by Duncan Amoah, the Executive Secretary of COPEC, the organization pointed out that, barring any significant changes in global Free on Board (FOB) petroleum prices, the downward trend in retail prices should benefit consumers.
“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 September 2024,” the statement read.
COPEC’s forecast suggests that the mean retail price of petrol is expected to drop to GH¢12.956 per litre, while diesel prices are likely to fall to GH¢13.642 per litre. Liquefied Petroleum Gas (LPG) is also projected to decrease to GH¢15.345 per kilogram. These changes are attributed to a dip in international petroleum product prices, with crude oil reaching its lowest levels this year.
In addition to projecting price cuts, COPEC called for government intervention to further reduce taxes on fuel products, particularly LPG. The organization emphasized that lowering the cost of LPG would enhance its accessibility, promote its usage, and reduce deforestation caused by firewood use. COPEC also urged the government to revive the Tema Oil Refinery (TOR) to reduce the country’s dependence on imported refined fuel products and avoid issues like fuel contamination.
The projected reductions offer some optimism for consumers facing the challenges of fluctuating fuel prices and broader economic concerns.