Motorists and households are expected to enjoy lower fuel prices from Wednesday, July 1, as the Chamber of Petroleum Consumers (COPEC) projects notable reductions in the retail prices of petrol, diesel and liquefied petroleum gas (LPG).
The anticipated price cuts have been attributed to declining global crude oil prices and the continued appreciation of the Ghana cedi against the US dollar during the current pricing window.
According to COPEC, global crude oil prices have fallen by 19.69 per cent, dropping from US$97.32 per barrel to US$78.16 per barrel, while the cedi has strengthened by 3.14 per cent against the dollar.
Based on these developments, COPEC projects that the average retail price of petrol will decline by 6.21 per cent, from the current average of GH¢14.24 per litre to about GH¢13.36 per litre.
The chamber estimates that petrol prices could range between GH¢12.69 and GH¢14.03 per litre, depending on the pricing decisions of individual Oil Marketing Companies (OMCs).
Diesel is expected to witness the sharpest reduction after its international Free-on-Board (FOB) price dropped by 15.18 per cent.
COPEC projects an average pump price of GH¢14.10 per litre, representing a 13.28 per cent reduction from the current average price of GH¢16.26 per litre. Retail prices are expected to range between GH¢13.39 and GH¢14.80 per litre.
Liquefied Petroleum Gas (LPG) is also expected to become more affordable following a 15.96 per cent decline in international FOB prices. COPEC estimates LPG could retail between GH¢9.54 and GH¢10.55 per kilogram during the first pricing window of July.
The consumer advocacy group has urged Oil Marketing Companies to transfer the benefits of the favourable global market conditions to consumers without delay, arguing that lower fuel prices would ease the financial burden on households and businesses.
COPEC also welcomed the government’s decision to allocate part of its share of crude oil from the Jubilee Field to support local refineries, describing the move as a positive step towards reducing dependence on imported refined petroleum products.
According to the chamber, the policy has the potential to reduce pressure on the local currency and improve long-term price stability within Ghana’s downstream petroleum sector.
Meanwhile, the National Petroleum Authority (NPA) has also revised downward the official price floors for the first pricing window of July, setting minimum prices at GH¢12.79 per litre for petrol, GH¢13.54 per litre for diesel and GH¢10.11 per kilogram for LPG.
The revised benchmarks represent the minimum prices at which Oil Marketing Companies and LPG Marketing Companies are permitted to sell petroleum products during the pricing period.
