The Chamber for Petroleum Consumers has announced that the price of petrol is expected to drop by approximately 5.06%, while diesel prices will decrease by 3.88%. The price of Liquefied Petroleum Gas (LPG) is also projected to fall by about 1.14%. These changes will take effect tomorrow, November 16, 2024.
This forecast is attributed to a 0.72% decline in the price of crude oil on the world market, from $74.63 per barrel to $74.09 per barrel over the relevant period, despite the continued depreciation of the cedi against the dollar.
After the adjustments, petrol will be sold at GH¢13.582 per litre, while diesel will be priced at GH¢14.578 per litre. Additionally, a 14.5-kilogram LPG cylinder is expected to cost GH¢263.35 in the upcoming pricing window.
Meanwhile, COPEC urges the government to take measures to reduce taxes on LPG or to subsidize its price. This would promote wider accessibility and use of LPG, ultimately helping to protect the environment from degradation caused by firewood use.
Currently, the total taxes and levies on the retail prices of petrol and diesel amount to approximately 22.12%. COPEC is also advocating for a reduction in these tax rates or the removal of some taxes to alleviate the financial burden on consumers. Furthermore, they are calling for a formula to adjust total levies based on fluctuations in the dollar/cedi exchange rate.
