The Chamber of Petroleum Consumers (COPEC) is predicting a drop in fuel prices during the upcoming pricing window, set to begin on Monday, September 16, 2024.
COPEC estimates that petrol, diesel, and LPG will see an average price reduction of around 4%, offering relief to consumers amidst ongoing fluctuations in global 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’s forecast suggests that the average retail price of petrol will fall to GH¢12.956 per litre, with diesel and LPG prices expected to drop to GH¢13.642 per litre and GH¢15.345 per kilogram, respectively.
COPEC attributes these reductions to falling prices of petroleum products on the global market, “with crude price being the lowest in the course of the year.”
The organization also urged the government to take significant steps to lower taxes on fuel products, particularly LPG, to increase its accessibility and usage.
They argued that this would help reduce deforestation caused by firewood use and suggested that efforts be made to revive the Tema Oil Refinery (TOR), which could cut reliance on imported refined fuel and prevent issues like fuel contamination.
Latest Stories
-
‘Fix The Country’ member seen tearing down postures at Cathedral site arrested at KIA
7 seconds -
We’ve not stopped Democracy Hub’s demo; we only disagree with choice of location – Police
4 mins -
NK Luxury promises to support growth of real estate economy
19 mins -
Banks, SDIs issued 53,522 dud cheques to credit bureaus in 2023
23 mins -
NAPO is more effective and consistent than Opoku-Agyemang – Fifi Boafo insists
32 mins -
21.188m loan records submitted to credit bureaus monthly in 2023 – BoG
38 mins -
Borrowers credit worthiness: Financial institutions record 2.114m enquiries monthly from credit reference bureaus
1 hour -
PURC calls for urgent revision of the Cash Waterfall Mechanism
1 hour -
Police arrest Gomoa West NDC constituency chairman over DRIP clash
1 hour -
Prince Tagoe embarks on new chapter with Al Ettifaq FC
2 hours -
NDC’s electricity tariff policy very innovative and strategic to Ghana’s economic recovery
2 hours -
Sacking Lands Minister won’t end galamsey – Miracles Aboagye
2 hours -
Ghana should invest betting tax revenues in Sports infrastructure – Sannie Daara
2 hours -
Major rehabilitation work begins on Accra-Kumasi Highway
2 hours -
New Juaben South MP accounts to market women in Koforidua
2 hours