The Chamber of Petroleum Consumers (COPEC) is predicting a drop in fuel prices during the upcoming pricing window, set to begin on Monday, September 16, 2024.

COPEC estimates that petrol, diesel, and LPG will see an average price reduction of around 4%, offering relief to consumers amidst ongoing fluctuations in global petroleum prices.

“Barring any unforeseen major changes in global Petroleum FOB prices, indications across the downstream petroleum market are that, the pump retail prices of Petrol, Diesel and LPG are to go down to the benefit of consumers come the next window beginning 16 Septembers 2024,” a statement signed by COPEC’s Executive Secretary, Duncan Amoah read.

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COPEC’s forecast suggests that the average retail price of petrol will fall to GH¢12.956 per litre, with diesel and LPG prices expected to drop to GH¢13.642 per litre and GH¢15.345 per kilogram, respectively.

COPEC attributes these reductions to falling prices of petroleum products on the global market, “with crude price being the lowest in the course of the year.”

The organization also urged the government to take significant steps to lower taxes on fuel products, particularly LPG, to increase its accessibility and usage.

They argued that this would help reduce deforestation caused by firewood use and suggested that efforts be made to revive the Tema Oil Refinery (TOR), which could cut reliance on imported refined fuel and prevent issues like fuel contamination.