Fuel prices set to fall for the fourth straight time on September 16
The Chamber of Petroleum Consumers (COPEC) anticipates a decrease in fuel prices for the next pricing window, starting Monday, September 16, 2024.
According to COPEC, the average reduction across petrol, diesel, and LPG, is expected to be approximately 4%, providing relief to consumers amid continued 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 Septembers 2024,” a statement signed by COPEC’s Executive Secretary, Duncan Amoah, read.
COPEC projects that fuel prices will decrease in the upcoming pricing window, starting Monday, September 16, 2024.
The average retail price of petrol is expected to drop to GH¢12.956 per litre. Diesel prices are likely to fall to GH¢13.642 per litre, and LPG is anticipated to decrease to GH¢15.345 per kilogram.
These anticipated reductions are attributed to a decline in international petroleum prices, with crude oil prices reaching their lowest point of the year.
COPEC has urged the government to consider significant tax cuts on fuel products, especially LPG, to enhance accessibility and encourage usage.
This, COPEC argues, would help reduce deforestation caused by the use of firewood.
Additionally, COPEC recommends efforts to revive the Tema Oil Refinery (TOR) to reduce dependence on imported refined fuels and mitigate issues such as fuel contamination.