IES Projects Further Drops In Fuel Prices

The Institute of Energy Security (IES) has projected further drops in fuel prices at the pumps.

In the November second pricing window, the Institute explained that the reduction is caused by the steep decline in gasoline, gasoil and Brent Crude prices.

“Average Brent crude price continues to fall- from $83.96 per barrel in October second pricing window, to $78.97 in November’s first pricing window and now hitting $73.22 per barrel for November’s second pricing window, to $78.97 in November’s first pricing window and now hitting $73.22 per barrel for November second pricing-window,” an IES report read.

This follows the Institutes November first pricing review of the local fuel market performance which saw an “across the board” reduction in prices at oil marketing companies (OMCs),

IES projected a 2% to 4% reduction in the prices of fuel.

As it stands, the average price of gasoline and gasoil remains at GH¢5.13 and GH¢5.15, respectively. Benab, Cash Oil, Zen Petroleum, Pacific Oil, Alinco Oil, Frimps Oil, Fraga Oil, and Lucky currently sell the lowest priced fuel prices, an IES market-scan shows.

However, there has been a reduction in gasoline and gas oil at the close of trading.

According to an analyses from the Standard and Poor’s Global Platts, gasoline and gasoil fell by 7% and 3%, respectively.

Gasoline is now sold at $646.30 per metric ton and gasoil at $691.88 per metric ton.

IES believes fuel prices at the pumps would continue to drop due to the reduction

The Institute further called on the need for fuel price reductions to take effect at the pumps to bring minimum relief to Ghanaians.

“While IES has taken due cognizance of the complaints of depressed margins by the OMCs, it is important that fuel price reduction, where it is due, is implemented at the pump in a timely and fair manner all things being equal to bring some minimum relief to the Ghanaian public,” the statement read.

By: Emmanuel Yeboah Britwum