The Institute of Energy Security (IES) has announced that fuel prices at the various pumps will witness a dip in the second pricing window of August 2021.
According to the Institute, the projected dip in prices stems from the “1.49% reduction in the prices of the International Benchmark-Brent Crude, the 2.17% decrease in the price of Gasoline, the 1.77% decrease in gas oil price and the marginal depreciation of 0.17% of the local currency against the US Dollar.”
Despite the projected price fall, IES noted that larger local market shareholders like GoiL, Shell, and Total may balance the downward price adjustment with their prices causing no great significance.
First pricing window
The IES explained that from the first pricing window in July, Oil Marketing Companies (OMC’s) continued to maintain prices at the pump with the current national average of gas and gasoline pegged at GH¢5.97 per litre.
“Price of petroleum products within the first pricing window of August 2021 saw the Oil Marketing Companies continue to maintain prices at the pump from the first pricing window of July. The current national average price of fuel per litre at the pump remains pegged at GH¢5.97 for both Gasoline and Gasoil on account of the relative price stability.”
OMC’s such as Zen Petroleum, Benab Oil, Cash Oil, Goodness Oil, Top Oil, and Frimps Oil reportedly sold the least-priced fuel on the local market.
On the international scene, the international benchmark for Ghana, Brent Crude saw its price on average terms selling at about US$72.10 per barrel, a decrease from the previous window’s average price of US$73.19 per barrel.
The IES stated that the price fall was a result of the fears in the surge of COVID-19 cases spurred by the Delta variant. China’s rising cases have particularly been of concern since China is the world’s largest importer of oil.