IES predicts marginal reduction in fuel prices

The Institute for Energy Security (IES) has predicted a marginal reduction in fuel prices at the local pumps.

According to the IES, the reduction is a result of a fall in the price of crude on the international market.

The fall witnessed 1.76 percent in Gasoline, 3.44 percent in gasoline, and 0.14 percent in Liquefied Petroleum Gas LPG.

“The second pricing window for December saw prices for all petroleum products reduced on the domestic fuels market. Monitoring Oil Marketing Companies’ (OMC’s) activities in the last two weeks showed price per litre of both Gasoline and gasoline had reduced significantly across the market. The average price reduction realized for Gasoil and Gasoline was about 0.35% and 0.32% respectively in the pricing window under review.

“The Institute for Energy Security’s (IES’s) analysis of sampled fuel price data gathered in the last 15 days pegged the national average litre and kilogram (kg) price as follows: Gasoline at GH¢11.89, Gasoil at GH¢12.74 and Liquified Petroleum Gas (LPG) at GH¢13 per kilogram (kg),” the statement explained.

The IES Marketscan puts Star Oil, So, Benab Oil, Zen Petroleum, and IBM as OMCs selling at least priced over the last two weeks.

The Institute however stipulates the projection may not be realized due to the Ghana Cedi recording a depreciation of about 0.41 percent against the U.S. dollar which can reap the expected gains.