The Chamber of Petroleum Consumers (COPEC) forecasts a reduction in fuel prices for the upcoming pricing window starting Monday, September 16, 2024. COPEC estimates an average decrease of around 4% across petrol, diesel, and LPG, offering relief to consumers amid ongoing global fluctuations in petroleum prices.
In a statement, COPEC’s Executive Secretary, Duncan Amoah, noted that unless there are unexpected major changes in global petroleum prices, pump prices for petrol, diesel, and LPG are set to decline in the next window. COPEC projects that the mean retail price for petrol will drop to GH¢12.956 per litre, diesel to GH¢13.642 per litre, and LPG to GH¢15.345 per kilogram.
The anticipated reductions are attributed to lower international petroleum prices, with crude prices at their lowest this year. COPEC also urged the government to consider reducing taxes on fuel products, especially LPG, to enhance accessibility and usage. Additionally, COPEC recommended efforts to revive the Tema Oil Refinery (TOR) to reduce reliance on imported refined fuels and address issues such as fuel contamination.
