The Institute for Energy Sector has predicted that prices of gasoline (Petrol) and gasoil (Diesel) at the pump are expected to fall by at least 3% in the last pricing-window in March 2017.
In a press released signed by Richmond Rockson, Principal Research Analyst, Petroleum Unit of the IES, the increase in prices during the first Pricing-window in the month of March 2017 was as a result of the depreciation of the Ghana Cedi against the Dollar.
“The national average retail price for Gasoline and Gasoil jumped 1.18% and 2.6% to GHC4.28 per litre and GHC4.21 per litre respectively.” He explained.
The release asserts that since the price of Brent crude has dropped significantly and the Ghana Cedi performed relatively well against the U.S. Dollar, Fuel prices are expected to drop.
“On the back of the substantial drop in price of Brent crude, and that of both Gasoline and Gasoil on the world market, and the relative stability in the forex exchange; the Institute for Energy Security (IES) can comfortably project fuel prices on the local market to fall by at least 3%.” Mr. Rockson said.
The Institute of Energy Sector further appeals to “the Oil Marketing Companies to effect the changes at the pump in line with the oil market fundamentals, and in the same manner they do effect upward adjustments when market variables so dictate.”
The IES Market-scan indicates that Frimps Oil, Radiance Oil, Star Oil, Champion Oil, Puma, and Goil are few of the Oil Marketing Companies selling the cheapest Gasoline and Gasoil on the fuel market.