FUEL PRICE RELIEF AHEAD: 4% DROP EXPECTED FROM SEPTEMBER 16

Accra, Sept. 15, 2024 – Fuel prices are projected to decline for the fourth consecutive time, bringing relief to consumers, according to the Chamber of Petroleum Consumers (COPEC).

In a statement signed by Executive Secretary Duncan Amoah, COPEC estimates an average 4% reduction across petrol, diesel, and LPG prices starting Monday, September 16, 2024.

PROJECTED PRICES

• Petrol: GH¢12.956 per litre (down from current prices)
• Diesel: GH¢13.642 per litre
• LPG: GH¢15.345 per kilogram

The reductions are attributed to dipping international petroleum prices, with crude oil prices hitting their lowest point this year.

CALL TO ACTION

COPEC urged the government to seize the opportunity to reduce taxes on fuel products, particularly LPG, to promote accessibility and usage. This, they argue, would help reduce deforestation due to firewood use.

Additionally, COPEC advocated for the revival of the Tema Oil Refinery (TOR) to reduce reliance on imported refined fuel products and prevent issues like fuel contamination.

CONSUMER BENEFIT

The price drop is expected to provide much-needed relief to consumers amid continued global fluctuations in petroleum prices.

COPEC’s projection is subject to no major changes in global petroleum FOB prices.