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Fuel prices are expected to decline starting today, November 16, 2024, according to the Chamber of Petroleum Consumers (COPEC).
The price of liquefied petroleum gas (LPG) is expected to drop by about 1.14%, diesel by 3.88%, and petrol by about 5.06%.
COPEC ascribed this expected decline to a slight decline in global crude oil prices, which recently fell by 0.72% from $74.63 to $74.09 per barrel, notwithstanding the cedi’s continuous weakening against the dollar.
Diesel would cost GH¢14.578 per litre under the revised tariffs, while petrol is anticipated to sell for GH¢13.582 per litre.
The anticipated price of a 14.5-kilogram LPG cylinder during the upcoming pricing window is GH¢263.35.
COPEC has also lobbied the government to reduce or subsidise LPG taxes to increase access to LPG and promote its use at the expense of firewood, potentially contributing to environmental conservation.
Taxes and charges on petrol and fuel currently make up around 22.12% of retail prices. In order to reduce consumer costs, COPEC also recommends reducing or doing away with some taxes.
It also recommends a system that adjusts these taxes in reaction to fluctuations in the dollar/cedi exchange rate in order to give more stable prices.
