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The Chamber of Petroleum Consumers (COPEC) predicts a drop in fuel prices beginning tomorrow, November 16, 2024.
It is projected that the price of gasoline will decrease by roughly 5.06%, diesel by 3.88%, and liquefied petroleum gas (LPG) by roughly 1.14%.
Despite the cedi’s ongoing devaluation against the dollar, COPEC attributed this anticipated fall to a minor drop in world crude oil prices, which recently dropped by 0.72% from $74.63 to $74.09 per barrel.
Diesel would cost GH¢14.578 per litre under the revised tariffs, while petrol is anticipated to sell for GH¢13.582 per litre.
In the next pricing window, a 14.5-kilogram LPG cylinder is expected to cost GH¢263.35.
In order to make LPG more available and encourage its usage over firewood, which could help conserve the environment, COPEC has also pushed the government to lower or subsidize LPG taxes. At the moment, gasoline and diesel taxes and levies account for about 22.12% of retail pricing.
Additionally, COPEC suggests lowering or eliminating some taxes to lower consumer costs or implementing a methodology that modifies these levies in response to changes in the dollar/cedi exchange rate to provide more stable pricing.
Source: Ghanatodayonline.com
