Fuel prices are predicted to drop beginning tomorrow, November 16, 2024, which would be a pleasant comfort for Ghanaian drivers.
The Chamber of Petroleum Consumers (COPEC) predicts that diesel prices will fall by 3.88% and gasoline prices by 5.06%. The price of LPG, or liquid petroleum gas, will also decrease by 1.14%.
Following a drop in global crude oil prices of 0.72% from $74.63 to $74.09 per barrel, this development was made.
It is anticipated that the decline in crude oil prices would result in lower fuel prices, even though the cedi is still losing value in relation to the dollar.
New Prices
As of tomorrow, petrol will sell at GH¢13.582 per litre, while diesel will go for GH¢14.578 per litre.
A 14.5 kilogramme LPG cylinder is expected to be sold at GH¢263.35.
COPEC’s Call for Tax Reduction
COPEC is seizing the opportunity to reiterate its call for the government to reduce taxes on LPG or provide subsidies to promote nationwide accessibility and usage.
The organization argues that this would help mitigate environmental degradation caused by firewood use.
Currently, total taxes and levies on retail petrol and diesel prices stand at 22.12%.
COPEC is advocating for a reduction in tax rates or the removal of some taxes to alleviate the burden on consumers.
Alternatively, the organization suggests implementing a formula to vary total levies in response to changes in the dollar/cedi exchange rate.
Fuel Price Volatility
Ghana has experienced significant fuel price fluctuations in recent years. In 2020, petrol prices soared by 27%, while diesel prices increased by 29%.
The government’s introduction of the Price Stabilization and Recovery Levies (PSRL) aimed to cushion consumers from price shocks.
However, COPEC and other consumer advocacy groups have consistently pushed for reductions in taxes and levies to minimize the impact of global market fluctuations on local fuel prices.
