Fuel prices projected to drop for fourth consecutive time

The Chamber of Petroleum Consumers (COPEC) anticipates a reduction in fuel prices in the upcoming pricing window starting Monday, September 16, 2024.

COPEC projects an average decrease of around 4% for petrol, diesel, and LPG, offering consumers some relief amid ongoing global fluctuations in petroleum prices.

“Unless there are unforeseen significant changes in global Petroleum FOB prices, the downstream petroleum market indicates that the pump retail prices of Petrol, Diesel, and LPG will decrease, benefiting consumers in the next pricing window beginning September 16, 2024,” COPEC’s Executive Secretary, Duncan Amoah stated.

According to COPEC’s forecast, the average retail price of petrol is expected to drop to GH¢12.956 per liter, while diesel and LPG are likely to decline to GH¢13.642 per liter and GH¢15.345 per kilogram, respectively.

These reductions are attributed to the decrease in petroleum product prices on the international market, with crude oil prices reaching their lowest point this year.

COPEC also urged the government to implement drastic measures to reduce taxes on fuel products, especially LPG, to enhance accessibility and usage.

This would help curb deforestation caused by firewood use.

Additionally, COPEC recommended efforts to revive the Tema Oil Refinery (TOR) to reduce dependence on imported refined fuel products and prevent issues like fuel contamination.