Fuel prices to go down from tomorrow, November 16, 2024 – COPEC

Fuel prices in Ghana are set to drop from tomorrow, November 16, 2024, barring any unforeseen changes. The Chamber of Petroleum Consumers (COPEC) has predicted a reduction of approximately 5.06% in the price of petrol, 3.88% for diesel, and 1.14% for Liquefied Petroleum Gas (LPG).

COPEC attributed the expected price decrease to a slight decline in global crude oil prices, which fell by 0.72%, from $74.63 per barrel to $74.09 per barrel. However, the depreciation of the cedi against the dollar continues to pose challenges for fuel pricing.

The price of petrol is expected to be GH¢13.582 per litre, while diesel will be priced at GH¢14.578 per litre. The cost of a 14.5-kilogram LPG cylinder is forecasted to be GH¢263.35 during the next pricing window.

Despite the expected decrease, COPEC has urged the government to take action to reduce taxes on LPG or consider subsidizing its price to promote its use across the country. This, according to COPEC, would not only make LPG more accessible but also help protect the environment by decreasing reliance on firewood.

Currently, taxes and levies on petrol and diesel account for approximately 22.12% of the retail price. COPEC is also calling for the government to either lower these taxes or explore alternatives, such as linking the taxes to fluctuations in the dollar/cedi exchange rate, to ease the financial burden on consumers.