Under the current administration, fuel prices have been consistently lowered, saving Ghanaians around GH¢1 billion every month, according to Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC).
Speaking on The Big Issue on Saturday, February 28, 2026, Mr. Amoah claimed that customers have seen substantial financial relief as a result of decreasing pump prices during the previous year.
“On fuel there has been a lot of savings to Ghanaians. Infact our numbers will indicate that anytime you do a one pesewa reduction or increase, the incidence of it totally is about GHC4 million. So anytime it is a 10 pesewa difference, that’s 40 million. Anytime you do a GhC1 difference either positively or negatively, that’s about GHC400 million,” he said.
He states that average fuel prices have been between GH¢10 and GH¢12 per litre over the last 13 to 14 months, as opposed to around GH¢15 prior to the current government taking power.
“Over the past 13, 14 months of this new administration, fuel prices have averaged around 12. We’ve come to the 10s, we’ve come to the 11. Now before the current government took office, we were doing about 14.9, almost 15. If you do the average variance of savings to Ghanaians, month on month, you’re doing over 1.13 billion in savings, just because of the GhC2 difference arising out of what used to pertain and what is today. Ghanaians are simply pocketing 1.13 billion every single month in savings on fuel,” he reiterated.
Mr. Amoah credited improved macroeconomic circumstances, such as stable currency rates, the elimination of some taxes, and favourable market dynamics, for the price drop.
“You say this because the macro-economic indicators seem to be positive, where you have not only the exchange rate being good, but again the cost push factors; some of the taxes have been taken off, you have a situation where there is even over-supply at present that has led to the price wars that you have. And so on the petroleum side, significant savings on the pocket of Ghanaians,” he said.
He continued by saying that the total savings over the course of the 13–14 months might be between GH¢13 billion and GH¢14 billion.
“If you do the 13, 14 months at 1.1 something, you’re almost at 13, 14 billion Ghana cedis that Ghanaians would have spent on fuel,” he said.
Source: newsthemegh.com