The Chamber of Petroleum Consumers (COPEC) has forecasted a 4 percent reduction in fuel prices.

The reduction in the cost of fuel is expected to begin today, Monday, 16 September 2024, providing expected relief to consumers amid fluctuating global petroleum markets.

In a statement issued and signed by its Executive Secretary, Duncan Amoah, COPEC announced that the price cuts will apply to petrol, diesel, and LPG.

"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," the statement said.

COPEC’s projections suggest that the mean retail price of petrol will drop to GHS12.956 per litre, while diesel and LPG are expected to fall to GHS13.642 per litre and GHS15.345 per kilogramme, respectively.

The anticipated decline is attributed to a drop in international petroleum prices, with crude oil prices reaching their lowest levels of the year.

In response, COPEC has urged the government to reduce taxes on fuel products, particularly LPG, to improve accessibility and promote wider use.

This move, COPEC argued, could help reduce deforestation linked to firewood use.

Additionally, COPEC has called for the revival of the Tema Oil Refinery (TOR) to decrease reliance on imported refined fuels and address issues such as fuel contamination.