The Chamber of Petroleum Consumers (COPEC) in Ghana has announced that the prices of petrol and diesel are expected to fall between 3.7% and 4.04% per litre. This is welcome news for Ghanaians who have been grappling with high fuel prices in recent times.
According to the COPEC, the reduction in prices is due to the slight drop in the price of crude oil on the global market. The price of Brent crude, which is used to price international oils, has fallen by about 6% in the last two weeks. This, in turn, has led to a reduction in the price of finished petroleum products such as petrol and diesel.
The COPEC has also attributed the reduction in prices to the appreciation of the Ghanaian Cedi against the US Dollar. This has reduced the cost of importing finished petroleum products, which has also contributed to the reduction in prices.
The new prices are expected to take effect immediately, and will come as a relief to many Ghanaians who have been struggling to cope with the high cost of fuel. High fuel prices have a direct impact on the cost of living, as they increase the cost of transportation and ultimately the prices of goods and services.
The COPEC has urged fuel stations to pass on the reduction in prices to consumers, warning that they will be monitoring the situation closely to ensure that consumers are not exploited. The organization has also called on the government to reduce the taxes and levies on petroleum products, which it believes will further help to bring down the cost of fuel for consumers.
In conclusion, the news of the reduction in fuel prices will be welcomed by Ghanaians who have been struggling with the high cost of living. The COPEC's call for fuel stations to pass on the reduction in prices to consumers is important, as it will help to alleviate the burden on households and businesses. The government should also consider reducing taxes and levies on petroleum products, which will help to bring down the cost of fuel even further, and provide much-needed relief to Ghanaians.
