Barring any unforeseen circumstances, fuel prices will go down from tomorrow November 16, 2024.

According to the Chamber for Petroleum Consumers, the price of petrol is expected to drop by about 5.06%  and diesel by 3.88%. The price of Liquified Petroleum Gas (LPG) would also dip by about 1.14%.

It attributed its 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 within the period though the cedi continues to depreciate relative to the dollar.

The price of petrol will sell at GH¢13.582 per litre, whereas that of diesel will go for GH¢14.578 per litre

A 14.5 kilogramme LPG cylinder is also expected to be sold at GH¢263.35 within the next pricing window.

Meanwhile, COPEC maintains that the government must do all it can to reduce taxes on LPG or to subsidise the price of LPG to promote and encourage its nationwide accessibility and usage that will eventually help save the environment from further degradation by the use of firewood.

Currently, the total taxes and levies on retail prices of petrol and diesel is about 22.12%.

COPEC is also requesting for the reduction of the rate of taxes or to take off some of the taxes to lessen the burden on consumers.

Alternatively, it called for a formula to vary the total levies with changes in the dollar/cedi rate.