The Institute of Energy Security (IES) has predicted an average drop of 1.03% percent in fuel prices for the second pricing window.
According to IES, current developments across the globe indicate that fuel prices will drop slightly for the next pricing window in May.
World Oil Market Indices for Benchmark Brent crude prices have been falling virtually every day for the past 15 days which has reflected in some fuel stations. Checks by the institution show that the average price for Gasoline and Gasoil is GH3. 94 and GH3.90 respectively.
Principal Research Analyst at the institute of Energy Security, Richmond Rockson who spoke to Citi Business News said prices for petroleum products will continue to drop for the second pricing window in May.
“Going forward we should expect prices to come down that is in this current window but in the month of June that is the first window it will depend on how strong the Ghana cedi is because when you look at the world market prices are said to stabilize for a while because production is still on going like in the United States oil production is still ongoing.”
Richmond Rocksonhowever said the prices for petroleum products in June will depend solely on the strength of the cedi.
Basis for projections
With crude oil price falling by over 5%, Gasoline and Gasoil prices dropping by approximately 8%, fuel stocks capable of meeting over 4 weeks of national demand, and the Ghana cedi remaining fairly stable against the U.S. dollar consumers can expect to get a break at the fuel pump.
Industry response
The local fuel prices recorded an average drop in 1.03% on Gasoline and Gasoil combined, during the first 15 days of the month of May 2017.
Shell, Total, Goil, Puma, Lucky Oil and Frimps Oil were among the few Oil Marketing Companies (OMCs) to effect price drops at the pump over the past weekend due to competition for market shares.
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By: Anita Arthur/citibusinessnews.com/Ghana