Fuel costs will start to drop tomorrow, November 16, 2024, barring any unforeseen occurrences.
The Chamber of Petroleum Consumers (COPEC) predicts that diesel prices will decrease by 3.88% and petrol prices by roughly 5.06%. It is also anticipated that the price of Liquefied Petroleum Gas (LPG) will drop by roughly 1.14%.
COPEC justified this prediction to a 0.72% drop in the global crude oil price, from $74.63 to $74.09 per barrel, notwithstanding the cedi’s ongoing depreciation against the dollar.
Diesel will sell for GH¢14.578 per litre, while petrol will cost GH¢13.582 per litre.
The next pricing window is anticipated to see a 14.5-kilogram LPG cylinder sold for GH¢263.35 as well.
To promote and support LPG’s accessibility and use across the country, COPEC insists that the government must take all necessary measures to lower taxes or subsidize the price.
According to COPEC, this will lessen the need for firewood, saving the environment.
Approximately 22.12% of retail prices of diesel and petrol are currently subject to taxes and levies.
Additionally, in order to alleviate the burden on consumers, COPEC is calling for a decrease in the tax rate or the elimination of some taxes.
As an alternative, COPEC has demanded a methodology that would modify the overall levies in accordance with changes in the dollar/cedi exchange rate.
