The Chamber of Petroleum Consumers (COPEC) has predicted a reduction in fuel prices for the next pricing window beginning Monday, September 16, 2024.
COPEC forecasts an average decrease of approximately 4% for petrol, diesel, and LPG, providing consumers with some relief amidst ongoing global fluctuations in petroleum costs.
“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.
COPEC’s forecast indicates that the average retail price of petrol is set to fall to GH¢12.956 per liter, while diesel and LPG are expected to drop to GH¢13.642 per liter and GH¢15.345 per kilogram, respectively.
These price reductions are driven by a decline in global petroleum product prices, with crude oil hitting its lowest level this year.
COPEC has also called on the government to take significant steps to lower taxes on fuel products, particularly LPG, to improve accessibility and usage.
This move could help reduce deforestation caused by the reliance on firewood.
Furthermore, COPEC suggested revitalizing the Tema Oil Refinery (TOR) to lessen dependence on imported refined fuel and avoid problems such as fuel contamination.