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

As reported by citinewsroom.com, COPEC estimates an average reduction of approximately 4% across petrol, diesel, and LPG, offering relief to consumers amid ongoing global fluctuations in petroleum prices.

“Barring any unforeseen major changes in global Petroleum FOB prices, indications across the downstream petroleum market are that the pump retail prices of Petrol, Diesel, and LPG are to go down to the benefit of consumers come the next window beginning 16 September 2024,” stated COPEC’s Executive Secretary, Duncan Amoah.

According to COPEC’s projections, the mean retail price of petrol is expected to decrease to GH¢12.956 per litre.

Diesel and LPG prices are also expected to fall to GH¢13.642 per litre and GH¢15.345 per kilogram, respectively.

These reductions are attributed to the dip in international petroleum product prices, with crude oil prices being the lowest this year.

COPEC has also recommended that the government take drastic measures to reduce taxes on fuel products, particularly LPG, to promote broader accessibility and usage.

This, they argue, would help reduce deforestation caused by firewood use.

Additionally, COPEC urged efforts to revive the Tema Oil Refinery (TOR) to reduce reliance on imported refined fuel products and prevent cases of fuel contamination.

ID/AE

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