Fuel Price Drops Saving Ghanaians Over GH¢1bn Monthly - Chamber of Petroleum Consumers

The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has revealed that consistent reductions in fuel prices are saving consumers in Ghana more than GH¢1 billion every month.

Speaking on The Big Issue on Saturday, February 28, 2026, Mr. Amoah explained that the decline in pump prices over the past year has provided substantial financial relief for households and businesses.

He noted that even small adjustments in fuel prices have a major nationwide impact. According to COPEC’s estimates, a one-pesewa change translates into roughly GH¢4 million in total cost implications. A ten-pesewa shift equals about GH¢40 million, while a GH¢1 change results in an estimated GH¢400 million effect.

Mr. Amoah further indicated that average fuel prices over the past 13 to 14 months have ranged between GH¢10 and GH¢12 per litre, compared to nearly GH¢15 before the current administration took office. Based on this roughly GH¢2 difference, he estimates that consumers are saving about GH¢1.13 billion each month.

He attributed the decline to improving macroeconomic conditions, including a more stable exchange rate, the removal of certain taxes, and favourable market dynamics such as increased supply and competitive pricing among oil marketing companies.

When projected over the past year, he said, the cumulative savings to consumers could fall between GH¢13 billion and GH¢14 billion, reflecting the significant economic relief fuel price reductions have provided nationwide.