
Fuel prices are expected to decrease starting tomorrow, November 16, 2024, barring any unforeseen developments.
The Chamber of Petroleum Consumers (COPEC) has projected a reduction of approximately 5.06% in petrol prices, 3.88% for diesel, and 1.14% for Liquefied Petroleum Gas (LPG).
COPEC attributes this anticipated drop to a 0.72% decline in global crude oil prices, which have fallen from $74.63 per barrel to $74.09 per barrel during the period, despite the ongoing depreciation of the Ghanaian cedi against the US dollar.
The price of petrol is expected to be GH¢13.582 per litre, while diesel will be priced at GH¢14.578 per litre.
A 14.5 kg LPG cylinder is projected to be sold at GH¢263.35 in the upcoming pricing window.
COPEC has reiterated its call for the government to take steps to reduce taxes on LPG or consider subsidizing its price. This, it believes, will help improve nationwide accessibility and encourage the use of LPG, ultimately reducing environmental degradation caused by firewood usage.
Currently, the total taxes and levies on the retail prices of petrol and diesel stand at approximately 22.12%.
COPEC is urging for a reduction in the tax rates or the removal of some taxes to ease the financial burden on consumers.
Alternatively, the chamber has called for a formula that would adjust the total levies in line with fluctuations in the dollar/cedi exchange rate.