Fuel prices to reduce by weekend – IES projects

International crude oil prices have seen some reduction

Fuel prices decrease marginally

Checks at various pumps have revealed that some Oil Marketing Companies (OMCs) have started revising their prices this morning.

The Institute of Energy Security (IES) has stated that prices on the market will go down marginally before the close of the weekend.

This is because the Bulk Oil Distribution Companies are feverishly preparing their profitability statement with the anticipation of a fall in petroleum prices.

“Per the 3.60% decrease in the price of the International Benchmark- Brent crude together with the 7.20% decrease in Gasoline price, the 4.55% decrease in Gasoil price, the Institute for Energy Security projects a downward adjustment in the price of fuel per litre at the various pumps despite the marginal depreciation of the cedi by 0.33%”, it said in a statement.

Total has dropped its prices by more than 2% per litre. This means diesel is now selling at 6.80 per litre, from the previous 6.96 whiles petrol is going for 6.80, compared with the earlier price of 6.99.

The reduction is in line with the two-week review of petroleum prices, which has been influenced by the current decline in crude oil prices on the world market.

For the local fuel market, prices increased marginally within the window under review.

Majority of the OMCs increased their prices to reflect changes in the exchange rate and the international market.

Prior to the end of the window, some OMCs, reduced their prices by cutting down their margins in the Price Build-Up (PBU).

Based on these activities, the current national average price of fuel per litre at the pump is pegged at ¢6.81 for both diesel and petrol, representing an increment from the previous window’s national average price of ¢6.71 per litre.

According to the IES Market-Scan, Total, Engen, Allied, Petrosol, Shell, Puma, and Goil had the highest-priced fuel on the market.