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Prices of fuel drop marginally

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Fuel prices have dropped marginally by a little over 1 percent at some Oil Marketing Companies (OMC’s) across the country.

Citi Business News checks at the pumps this morning show that the top three OMCs, Goil, Shell and Total Ghana are selling both Petrol and Diesel at GHC 5.15 pesewas across the country.

The reduction in prices comes after the major OMC’s all increased the price of petrol and diesel to GHC 5.21 pesewas per litre in the last pricing window.

The reduction is below the 2 to 4 percent decrease predicted by the Institute of Energy Security (IES).

Explaining the reasons behind their prediction, the IES said the fall in Brent crude prices, and finished products on the international market, as well as the cedi’s respectable gains against the dollar could lead to prices dropping at the pumps.

By this, the IES was optimistic the drop in the prices of fuel will bring some relief to Ghanaians at the pumps in the first pricing window in November.

Speaking to Citi Business News, Research Analyst at the IES, Mikdad Mohammed said they expect some OMCs to be influenced by the Price Deregulation policy to effect reductions beyond the projected margin.

“Unlike the previous window where we have had the depreciation of the cedi lead the increment, this particular window has had two major positive news. IES economic data show that we had an appreciation of around 2.4 percent from the cedi against the dollar,” he said.

“For Brent crude, we have had a reduction of about 5 percent and finished products have now come down too. When you take gas oil for example, it has come down by about 5 percent, gasoline has also come down to beyond 2 percent. It is the cumulative effect of all of these indices that IES foresee a reduction in prices from the current 5cedis, 21 pesewas to about 5cedis, 10 pesewas” he added.

By: Bobbie Osei/citibusinessnews.com/Ghana & Jessica Ayorkor Aryee/citibusinessnews.com/Ghana.


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