The Chamber of Petroleum Consumers (COPEC) is forecasting a drop in fuel prices for the upcoming pricing window, which begins on Monday, September 16, 2024.
According to COPEC, prices for petrol, diesel, and LPG are expected to decrease by an average of 4%.
This reduction comes as a welcome relief for consumers amid the ongoing global volatility in petroleum prices.
In a statement signed by Duncan Amoah, COPEC's Executive Secretary, it was noted that unless there are significant changes in global petroleum Free on Board (FOB) prices, consumers should expect lower prices at the pump starting from September 16, 2024.
The retail prices of petrol, diesel, and LPG are projected to decline to GH¢12.956 per litre, GH¢13.642 per litre, and GH¢15.345 per kilogram, respectively.
These reductions are attributed to falling prices in the international petroleum market, with crude oil prices hitting their lowest levels this year.
COPEC also urged the government to take action by reducing taxes on fuel products, particularly LPG, to make them more accessible.
COPEC emphasized that such measures could help reduce deforestation caused by the use of firewood and advocated for efforts to revitalize the Tema Oil Refinery (TOR) to reduce dependence on imported refined fuel and mitigate issues like fuel contamination.