Fuel Prices Expected to Drop Significantly from July 1, Says COPEC

Ghanaians could soon enjoy lower fuel prices as the Chamber of Petroleum Consumers (COPEC) has projected a significant reduction in the retail prices of petrol, diesel and liquefied petroleum gas (LPG) from Wednesday, July 1.

According to COPEC, the anticipated price cuts are being driven by declining global crude oil prices and the continued appreciation of the Ghana cedi against the US dollar, two key factors that influence domestic fuel pricing.

In its latest market outlook, COPEC noted that global crude oil prices fell by 19.69 percent during the current pricing window, dropping from 97.32 dollars per barrel to 78.16 dollars per barrel. At the same time, the Ghana cedi appreciated by 3.14 percent against the US dollar, reducing the cost of importing petroleum products.

The chamber said these favourable market conditions are expected to translate into lower prices at filling stations across the country.

For petrol, COPEC reported that the international Free-on-Board (FOB) price declined by 6.92 percent. Based on current market conditions, it projects an average retail pump price of GH¢13.36 per litre, representing a 6.21 percent reduction from the current average price of GH¢14.24 per litre.

Depending on the pricing policies of individual oil marketing companies, petrol is expected to sell between GH¢12.69 and GH¢14.03 per litre during the first pricing window of July.

Diesel is expected to record the largest price reduction after its international FOB price dropped by 15.18 percent. COPEC projects an average retail price of GH¢14.10 per litre, down from the current average of GH¢16.26 per litre.

The chamber estimates diesel prices could range between GH¢13.39 and GH¢14.80 per litre across different fuel stations nationwide.

Liquefied Petroleum Gas is also expected to become more affordable. Following a 15.96 percent decline in its international FOB price, COPEC projects LPG will retail between GH¢9.54 and GH¢10.55 per kilogram during the new pricing window.

COPEC has called on oil marketing companies to ensure that the benefits of lower international prices and the stronger cedi are reflected at the pumps without unnecessary delays.

According to the chamber, passing these savings on to consumers would provide welcome relief to households, transport operators and businesses that have faced rising operating costs over recent months.

The chamber also praised the government’s decision to allocate part of Ghana’s share of crude oil from the Jubilee Field to local refineries.

COPEC believes the policy will reduce the country’s dependence on imported refined petroleum products while supporting domestic refining capacity. It added that increased local refining could ease pressure on foreign exchange demand, strengthen the cedi and contribute to greater stability in fuel prices over the long term.

If the projected reductions take effect, July will mark another period of lower fuel costs for consumers, offering some relief amid broader efforts to stabilise Ghana’s economy and reduce the cost of living.