The Chamber of Bulk Oil Distributors (CBOD) has reviewed the benchmark foreign exchange (FX) forward from 60 days to 30 days (60-days forwards rate to 30-days forwards rate).
This would directly influence the fuel prices in Ghana. According to a report from the CBOD, the review was expected to translate into a 2% and 3% fall in ex-pump fuel prices of refined petroleum products – 10 pesewas per litre to 15 pesewas in price drop per litre for both gas oil and gasoline.
The report from the CBOD disclosed that the revision was to help encourage industry players to revise their foreign exchange rates downwards and help reduce pump prices for consumers.
Chamber of Bulk Oil Distributors says all other things being equal the adoption of the new benchmark and the fall in international market prices of gasoline and gas oil will translate to about two per cent to three per cent fall in ex-pump prices for the coming window (August 16 to 31).
Oil Marketing Companies (OMCs)
However, the report has it that, out of the top 10 oil marketing companies (OMCs), Vivo Energy Shell, GOIL and TOTAL displayed the highest prices at their pumps, whereas Star Oil displayed the least price. This would inform the trend of fuel prices in Ghana.
“For the first selling window of August (August 1-5), the top three highest selling OMCs sold gasoline and gas oil at an average price of GH¢5.195/ltr. “Star Oil displayed the least price at the pump for both gasoline and gas oil with a price of GH¢5.110/ltr at its pumps for both gasoline and gas oil,” it said.