Currently, a barrel of crude is selling for about $50 per barrel, down from the about $110<\/span><\/strong><\/a>.<\/p>\n The decline according to the World Bank Group reflects \u201ca confluence of factors, including several years of upward surprises in oil supply and downward surprises in demand, receding geopolitical risks in some areas of the world, a significant change in policy objectives of the Organization of the Petroleum Exporting Countries (OPEC), and appreciation of the U.S. dollar.\u201d<\/p>\n The Group further explained that though the relative strength of the forces driving the recent plunge in prices remain uncertain, supply related factors appear to have played a dominant role.<\/p>\n The World Bank believes that \u201cfor policymakers in oil-importing developing countries, the fall in oil prices provides a window of opportunity to undertake fiscal policy and structural reforms as well as fund social programs.\u201d<\/p>\n \u201cIn oil-exporting countries, the sharp decline in oil prices is a reminder of significant vulnerabilities inherent in highly concentrated economic activity and the necessity to reinvigorate efforts to diversify over the medium and long term,\u201d said Ayhan Kose, Director of Development Prospects at the World Bank.\u201d<\/p>\n Meanwhile, a ten percent reduction in fuel prices<\/a><\/span> in Ghana has generated a lot of controversy as some say the reduction is too small<\/a><\/span>.<\/p>\n –<\/p>\n By: Godwin Allotey Akweiteh\/citifmonline.com\/Ghana<\/p>\n![\"fuel_hikes\"](\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2014\/06\/fuel_hikes.jpg\")
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