Ghanaians are in for significant relief at the pumps as fuel prices are projected to fall sharply from Wednesday, July 1, following a dramatic 19.69% plunge in global crude oil prices and a marginal gain in the cedi against the US dollar.
The Chamber of Petroleum Consumers (COPEC) has announced that the combined effect of falling crude prices and currency appreciation will translate into lower pump prices for petrol, diesel, and LPG in the first pricing window of July.
According to a statement signed by Executive Secretary Duncan Amoah, global crude oil prices have dropped from $97.32 per barrel to $78.16 per barrel, while the cedi has appreciated by 3.14% from an average interbank rate of $1:GHS11.8035 to $1:GHS11.4333.
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 6% drop for petrol
COPEC projects that petrol will see a 6.21% reduction, with the new average retail price expected to be about GH¢13.36 per litre, down from the current mean price of GH¢14.24 per litre.
The FOB price for petrol decreased from $988.77/MT to $920.34/MT, a fall of 6.92%, compounded by the currency appreciation. Petrol is therefore expected to sell between GH¢12.69 and GH¢14.03 per litre within a ±5% margin.
13.28%Â drop for diesel
Diesel prices are projected to ease even more significantly, with a 13.28% reduction expected. COPEC estimates a new retail price of GH¢14.10 per litre, down from the current mean of GH¢16.26 per litre.
The FOB price for diesel dropped from $1056.38/MT to $896.02/MT, representing a sharp 15.18% decline. Diesel is expected to sell between GH¢13.39 and GH¢14.80 per litre.
15.96% drop for LPG
LPG prices are also set for a substantial drop, with the FOB price declining from $652.65/MT to $548.50/MT, a 15.96% decrease alongside the cedi appreciation.
COPEC projects a new average price of GH¢10.05 per kilogram, with LPG expected to sell between GH¢9.54 and GH¢10.55 per kilogram within a ±5% range.
The consumer chamber expressed expectation that oil marketing companies will respond promptly to the projected reductions to ease the burden on consumers.
COPEC also commended government for ceding part of its share of crude from the Jubilee fields to support local refineries, noting that this could help reduce import volumes and ease pressure on the local currency.