The Chamber of Petroleum Consumers (COPEC) forecasts a reduction of approximately 5.06% in petrol prices and 3.88% in diesel prices.

Additionally, the price of Liquefied Petroleum Gas (LPG) is expected to fall by around 1.14%.

COPEC attributes this price drop to a 0.72% decrease in global crude oil prices, which have dropped from $74.63 per barrel to $74.09 per barrel. However, they note that the cedi continues to depreciate against the dollar.

Under the new pricing, petrol will cost GH¢13.582 per litre, while diesel will be priced at GH¢14.578 per litre.

The cost of a 14.5-kilogram LPG cylinder is predicted to be GH¢263.35 in the upcoming pricing window.

COPEC also urges the government to take proactive measures to reduce taxes on LPG or subsidize its price, in order to make it more accessible and promote its use across the country. They believe that this will contribute to environmental conservation by reducing reliance on firewood.

Currently, taxes and levies make up about 22.12% of the retail price of petrol and diesel.

In addition, COPEC is calling for a reduction in tax rates or the removal of certain taxes to alleviate the financial burden on consumers.

Alternatively, they suggest implementing a formula to adjust the total levies in line with fluctuations in the dollar/cedi exchange rate.