COPEC Commends Govt’s Jubilee Crude Strategy
The Chamber of Petroleum Consumers (COPEC) has commended the government’s decision to allocate part of its share of crude oil from the Jubilee Field to local refineries, describing the move as a strategic intervention that could reduce pressure on the Ghana cedi by cutting the country’s dependence on imported petroleum products.
The commendation comes as COPEC projects a significant reduction in fuel prices from July 1, 2026, driven by a sharp decline in global crude oil prices and the recent appreciation of the cedi against the US dollar.
Speaking on the latest fuel price outlook, COPEC Executive Secretary Duncan Amoah said the favourable international market conditions are expected to translate into lower prices for petrol, diesel and liquefied petroleum gas (LPG) during the first pricing window of July.
According to the Chamber, international crude oil prices declined by 19.69 percent, falling from US$97.32 per barrel to US$78.16 per barrel during the review period. At the same time, the cedi appreciated by about 3.14 percent against the US dollar, with the average interbank exchange rate strengthening from GH¢11.8035 to GH¢11.4333 to the dollar.
Based on these developments, COPEC projects that the average retail price of petrol will decline by 6.21 percent from GH¢14.24 per litre to approximately GH¢13.36 per litre. Depending on pricing decisions by individual Oil Marketing Companies (OMCs), petrol is expected to retail between GH¢12.69 and GH¢14.03 per litre.
Diesel is forecast to record the largest reduction after its international Free-on-Board (FOB) price dropped by 15.18 percent from US$1,056.38 per metric tonne to US$896.02 per metric tonne. COPEC estimates that the average retail price will fall by 13.28 percent from GH¢16.26 per litre to around GH¢14.10 per litre, with pump prices expected to range between GH¢13.39 and GH¢14.80 per litre.
Liquefied Petroleum Gas (LPG) is also expected to become more affordable following a 15.96 percent decline in its international FOB price, from US$652.65 per metric tonne to US$548.50 per metric tonne. COPEC projects an average retail price of GH¢10.05 per kilogram, with market prices expected to range between GH¢9.54 and GH¢10.55 per kilogram.
The Chamber expressed optimism that Oil Marketing Companies would promptly pass on the reductions to consumers to help ease transport, household and business costs.
COPEC also welcomed the government’s decision to channel part of its Jubilee crude allocation to local refineries, arguing that increasing domestic refining capacity would significantly reduce the volume of imported refined petroleum products.
According to the Chamber, reducing fuel imports would lower demand for foreign exchange, strengthen Ghana’s external position and help ease pressure on the cedi over the medium to long term. COPEC believes the policy represents an important step towards improving energy security, promoting local value addition and supporting macroeconomic stability.
