Barring any unforeseen circumstances, fuel prices will decrease starting tomorrow, November 16, 2024.
According to the Chamber of Petroleum Consumers (COPEC), the price of petrol is expected to drop by about 5.06%, and diesel by 3.88%. The price of Liquefied Petroleum Gas (LPG) is also forecasted to decrease by about 1.14%.
COPEC attributed this forecast to a decline in the price of crude oil on the world market by 0.72%, from $74.63 per barrel to $74.09 per barrel, although the cedi continues to depreciate relative to the dollar.
The price of petrol will be GH¢13.582 per litre, while diesel will sell for GH¢14.578 per litre.
A 14.5-kilogram LPG cylinder is also expected to be sold at GH¢263.35 in the next pricing window.
Meanwhile, COPEC maintains that the government must take all necessary steps to reduce taxes on LPG or subsidize the price to promote and encourage its nationwide accessibility and usage. This, COPEC believes, will help save the environment by reducing the use of firewood.
Currently, the total taxes and levies on the retail prices of petrol and diesel amount to about 22.12%.
COPEC is also requesting a reduction in the rate of taxes or the removal of some taxes to ease the burden on consumers.
Alternatively, COPEC has called for a formula to adjust the total levies based on fluctuations in the dollar/cedi exchange rate.