Fuel prices go down marginally – National Petroleum Authority

Fuel prices are expected to go down marginally today between 2 and 4%, sources at the National Petroleum Authority have told classfmonline.com

This follows significant reduction in the price of Brent Crude on the world market. At the same time, the local currency- cedi-has appreciated marginally to the US dollar this month.

The Institute for Energy Security (IES) has already predicted a 4.66% fall in fuel prices at the pump beginning morrow.

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The reason being reduction in price of Brent crude on the wall market as well as unchanged foreign exchange rate (US dollar/cedi)

According to a statement from IES, “From the 4.66% decline in prices of Brent crude, coupled with the 8.00% and 5.69% considerable reduction in the prices of Gasoil and Gasoline respectively on the international market; the Institute for Energy Security (IES) foresees prices of fuel on the local market dropping by roughly 2.5%.’

The expected fall of fuel prices for consumers the statement said is a reflection of market fundamentals as accepted in a deregulated market structure, adding, “The next Window may be a good time for consumers who have been battered with rising fuel prices over the past months.”

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Meanwhile, Shell sold the most expensive petrol and diesel as found by IES Market-scan in the last pricing review on 16 January, 2016 to 31 January, 2016.

Zen Petroleum, Benab Oil, Pacific, SO Energy and Alinco Oil however sold the least-priced Gasoline and Gasoil on the local market.

The Second Pricing-window of January 2020 saw majority of Oil Marketing Companies (OMCs) adjusting prices at the pump to record a national average price of GH¢5.48 and Gh¢5.46 for Gasoil and Gasoline respectively.

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This represented an average of 2.24% and 1.87% increment for Gasoil and Gasoline respectively.

Source: www.classfmonline.com