Fuel Prices Projected To Drop For Fourth Consecutive Time: “To The Benefit Of Consumers”

• The Chamber of Petroleum Consumers has predicted a further drop in fuel prices from the next pricing window
• COPEC has said the average reduction across petrol, diesel, and LPG is expected to be less than 5%
• COPEC’s projection indicates that the mean retail price of petrol is expected to fall to GH¢12.956 per litre

The Chamber of Petroleum Consumers (COPEC) has predicted a further drop in fuel prices from September 16.

COPEC said the average reduction across petrol, diesel, and LPG is expected to be approximately 4%.

Prices dropped earlier in September during the first pricing window. This is expected to provide further relief to consumers amid continued global fluctuations in petroleum prices.

COPEC’s projection indicates that the mean retail price of petrol is expected to fall to GH¢12.956 per litre.

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Diesel and LPG will likely fall to GH¢13.642 per litre and GH¢15.345 per kilogram, respectively.

According to COPEC, these reductions are due to the dip in petroleum product prices in the international market, “with crude price being the lowest in the course of the year.”

Past trends in fuel prices

Fuel prices last rose significantly in July, as predicted by industry observers such as the Chamber for Petroleum Consumers, who urged the government to reduce LPG taxes or to subsidise its price.

Before June, fuel prices had dropped on the international market, but the Institute for Energy Security noted that the worsening cedi prevented Ghanaians from benefiting.

The Institute of Economic Affairs recently proposed that Ghana adopt the dollar to stabilise the economy as the cedi loses its purchasing power.

Cedi depreciation challenges

YEN.com.gh reported that the Ghana cedi hit an average of GH¢16 to the US dollar on the retail market.

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As of July 2024, the Ghana cedi depreciated by about 19.6% to the US dollar on the interbank forex market.

Against the English pound, the cedi has so far depreciated by 20.8% and was trading at GH¢19.10 as of July 2024. It has also lost 18.4% in value to the euro and, as of July 2024, was selling at GH¢16.09.

Proofread by Edwina N.K Quarcoo, journalist and copy editor at YEN.com.gh.

Source: YEN.com.gh