The Chamber of Petroleum Consumers (COPEC) expects fuel prices to drop in the upcoming pricing window beginning Monday, September 16, 2024.

COPEC predicts an average reduction of approximately 4% for petrol, diesel, and LPG, providing consumers with some relief amidst the continued global volatility in petroleum prices.

“Unless there are unforeseen significant changes in global Petroleum FOB prices, the downstream petroleum market indicates that the pump retail prices of Petrol, Diesel, and LPG will decrease, benefiting consumers in the next pricing window beginning September 16, 2024,” COPEC’s Executive Secretary, Duncan Amoah stated.

COPEC’s forecast indicates that the average retail price of petrol is expected to fall to GH¢12.956 per liter. Diesel and LPG prices are projected to decrease to GH¢13.642 per liter and GH¢15.345 per kilogram, respectively.

These anticipated reductions are due to a drop in international petroleum product prices, with crude oil reaching its lowest level this year.

COPEC has also called on the government to take significant steps to lower taxes on fuel products, particularly LPG, to improve affordability and encourage its use.

This move could help address deforestation issues linked to the use of firewood.

Furthermore, COPEC suggested reviving the Tema Oil Refinery (TOR) to reduce reliance on imported refined fuels and to avoid problems such as fuel contamination.