Starting tomorrow, November 16, 2024, fuel prices are expected to decrease, according to the Chamber of Petroleum Consumers (COPEC).

Petrol prices are anticipated to drop by approximately 5.06%, diesel by 3.88%, and Liquefied Petroleum Gas (LPG) by about 1.14%.

COPEC attributes this forecasted reduction to a slight decline in global crude oil prices, which recently decreased by 0.72% from $74.63 to $74.09 per barrel, despite the cedi’s continued depreciation against the dollar.

Under the new prices, petrol is expected to sell at GH¢13.582 per litre, while diesel will cost GH¢14.578 per litre.

A 14.5-kilogram LPG cylinder is projected to be priced at GH¢263.35 in the upcoming pricing window.

In addition, COPEC has urged the government to take steps to reduce or subsidize taxes on LPG, aiming to make it more accessible and to promote its use over firewood, which could help protect the environment. Currently, taxes and levies on petrol and diesel make up around 22.12% of retail prices.

COPEC also recommends either reducing or removing certain taxes to alleviate costs for consumers or introducing a formula that adjusts these levies based on dollar/cedi exchange rate fluctuations to provide more stable pricing.