Fuel Prices expected to drop – COPEC

Fuel prices are expected to decrease starting tomorrow, November 16, 2024, barring any unexpected developments.

The Chamber of Petroleum Consumers (COPEC) forecasts a reduction of approximately 5.06% in petrol prices, 3.88% in diesel prices, and 1.14% in Liquefied Petroleum Gas (LPG) prices. COPEC attributes this anticipated decline to a 0.72% drop in global crude oil prices, from $74.63 to $74.09 per barrel, despite the cedi’s continued depreciation against the dollar.

Diesel is projected to sell at GH¢14.578 per litre, petrol at GH¢13.582 per litre, and a 14.5-kilogram LPG cylinder at GH¢263.35 during the next pricing window.

To enhance the accessibility and affordability of LPG nationwide, COPEC has urged the government to lower taxes or introduce subsidies. This, according to the organization, would promote LPG usage, reduce reliance on firewood, and contribute to environmental conservation.

Currently, approximately 22.12% of the retail prices of petrol and diesel are comprised of taxes and levies. COPEC is advocating for a reduction in these taxes or the removal of some levies to ease the financial burden on consumers. Alternatively, it suggests a flexible methodology to adjust taxes based on fluctuations in the dollar/cedi exchange rate.

Source: Omanghana.com