Fuel Prices Expected to Drop from July 1 as COPEC Projects Relief at the Pum

Motorists and households are set to benefit from a significant reduction in fuel prices beginning Wednesday, July 1, according to projections by the Chamber of Petroleum Consumers (COPEC).

The expected decrease is attributed to a sharp fall in global crude oil prices and the recent appreciation of the Ghana cedi against the US dollar.

COPEC reports that crude oil prices on the international market have declined by about 19.69%, dropping from US$97.32 to US$78.16 per barrel within the current pricing window. The cedi has also strengthened by 3.14%, further supporting the projected price reduction.

Petrol

The chamber says the international Free-on-Board (FOB) price of petrol has fallen by 6.92%, leading to an expected average retail price of GH¢13.36 per litre. This reflects a 6.21% reduction from the current average price of GH¢14.24 per litre.

Petrol prices are expected to range between GH¢12.69 and GH¢14.03 per litre, depending on Oil Marketing Companies (OMCs).

Diesel

Diesel is projected to see an even sharper decline following a 15.18% drop in its FOB price. COPEC estimates an average retail price of GH¢14.10 per litre, down from GH¢16.26 per litre—representing a 13.28% decrease.

Prices may range between GH¢13.39 and GH¢14.80 per litre.

LPG

Liquefied Petroleum Gas (LPG) is also expected to become cheaper after a 15.96% fall in its international FOB price. It is projected to sell between GH¢9.54 and GH¢10.55 per kilogram.

COPEC has urged Oil Marketing Companies to pass on the reductions to consumers, noting that the decline could ease financial pressure on households, transport operators, and businesses.

The Chamber also praised government’s move to allocate part of Ghana’s crude oil entitlement from the Jubilee Field to local refineries, saying it could reduce reliance on imported refined products, support the cedi, and improve long-term stability in fuel pricing.

Meanwhile, the National Petroleum Authority (NPA) has announced new minimum price floors for the first pricing window of July: GH¢12.79 per litre for petrol, GH¢13.54 per litre for diesel, and GH¢10.11 per kilogram for LPG.

Under the Petroleum Products Pricing Guidelines, Oil Marketing Companies are allowed to sell above these minimum prices depending on their pricing strategies during the window.

Story by Efua Nessa