Fuel prices saw a slight reduction from Tuesday, 21st January after an initial increase at the pump the previous week by 1.6%. The slight reduction seen in the week is due to the continuous drop of the world oil prices. WTI Crude which priced at US$63.27 on 6 January 2020 has dropped to US$56.74 as at 22 January, while Brent Crude price has also dropped from US$68.91 to US$61.71 respectively.
The drop in oil prices by more than 1% as seen on Thursday (23 Jan) is the lowest seen in seven weeks. It is on the back of lowered demand on concerns of the spread of Coronavirus from China.
Though world prices had dropped in the previous week (13-17 January), the strength of the Cedi against the US$ could not yield a price advantage for the Ghanaian user.
The current prices at the pumps are presented below.