The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, says Ghanaians are saving more than GH¢1 billion every month on fuel due to sustained price reductions under the current administration.
Speaking on The Big Issue on Saturday, February 28, 2026, Mr Amoah said lower pump prices over the past year have translated into significant financial relief for consumers.
“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 explained.
According to him, average fuel prices over the past 13 to 14 months have hovered around GH¢10 to GH¢12 per litre, compared with nearly GH¢15 before the current government assumed 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 said.
Mr Amoah attributed the decline in prices to improved macroeconomic conditions, including exchange rate stability, the removal of certain taxes, and favourable market dynamics.
“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 added that when aggregated over the 13 to 14-month period, the cumulative savings could amount to 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 stated.
