Ghanaians Saving Over GH¢1bn Monthly on Fuel Amid Sustained Price Decline – COPEC Says
Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has disclosed that consumers are retaining more than GH¢1 billion each month on fuel expenditure, on the back of sustained downward adjustments in pump prices over the past year.
Speaking on The Big Issue on Saturday, February 28, 2026, Mr Amoah explained that even minor changes in fuel prices have substantial financial consequences, given the scale of national consumption.
“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 stated.
He noted that over the last 13 to 14 months, average pump prices have hovered between GH¢10 and GH¢12 per litre, compared to approximately GH¢15 per litre before the present administration took office.
“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 added.
Mr Amoah credited the persistent drop in prices to firmer macroeconomic conditions, particularly exchange rate steadiness, the scrapping of certain petroleum-related levies, and favourable supply dynamics, including an oversupplied market that has sparked price competition among oil marketing firms.
“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 noted.
He further indicated that when the estimated monthly savings are aggregated over the 13 to 14-month period, the cumulative relief to consumers could range 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.
