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Fuel Prices to go down from Nov. 16 – COPEC

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Fuel prices in Ghana are expected to decrease starting Saturday, November 16, 2024, according to the Chamber of Petroleum Consumers (COPEC).

Petrol prices are projected to fall by 5.06% to GH¢13.582 per litre, while diesel prices will decline by 3.88% to GH¢14.578 per litre. Liquefied Petroleum Gas (LPG) is also set to experience a modest reduction of 1.14%, with a 14.5-kilogram cylinder likely to retail at GH¢263.35.

COPEC attributes the reduction to a slight drop in global crude oil prices, which fell by 0.72% from $74.63 per barrel to $74.09 per barrel. However, the depreciating value of the cedi against the dollar remains a concern.

The advocacy group has reiterated calls for the government to reduce or subsidize taxes on LPG to encourage its use as a cleaner energy alternative to firewood, which poses environmental risks.

Currently, taxes and levies make up about 22.12% of the retail prices of petrol and diesel. COPEC has urged the government to revise the tax structure, suggesting the introduction of a flexible formula that adjusts levies based on fluctuations in the dollar-cedi exchange rate.

The new pricing window takes effect barring any unforeseen developments.

Source:TheDotNews

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