- Fuel prices to drop 4% on Sept 16.
- Petrol, diesel, LPG prices to decrease.
- Global price dip drives reduction.
- COPEC seeks tax cut on fuel.
The Chamber of Petroleum Consumers (COPEC) has announced that fuel prices are expected to decrease in the upcoming pricing window, starting on Monday, September 16, 2024.
According to COPEC, the average reduction across petrol, diesel, and LPG is anticipated to be around 4%, providing relief to consumers amidst ongoing global fluctuations in petroleum prices.
In a statement signed by COPEC’s Executive Secretary, Duncan Amoah, the organization indicated that the decrease in prices is expected to benefit consumers, barring any major changes in global petroleum prices.
The statement noted that the downstream petroleum market is indicating a drop in pump retail prices for petrol, diesel, and LPG, effective September 16, 2024.
COPEC’s projection suggests that the mean retail price of petrol is expected to fall to GH¢12.956 per litre, while diesel and LPG are likely to decrease to GH¢13.642 per litre and GH¢15.345 per kilogram, respectively.
These reductions are attributed to the dip in petroleum product prices on the international market, with crude prices being the lowest this year.
COPEC attributed the expected price drop to the decrease in global petroleum prices, which will have a positive impact on consumers.
The organization took the opportunity to recommend that the government take drastic measures to reduce taxes on fuel products, particularly LPG, to promote broader accessibility and usage.
COPEC argued that reducing taxes on LPG would help reduce deforestation due to firewood use and also promote the revival of the Tema Oil Refinery (TOR), which would reduce reliance on imported refined fuel products and prevent issues like fuel contamination.
By reducing taxes and promoting the use of LPG, COPEC believes that the government can help mitigate the negative impacts of fuel prices on consumers and the environment.
