The Institute of Energy Security (IES) is predicting that prices of fuel at the various pumps are expected to reduce by between 3 and 5 per cent within the second pricing window in June starting from Monday, June 17.
This the Institute is attributing to developments on the international market.
Per the international market figures, average Brent crude price has fallen by 9.50%, Gasoline by 14.86% and Gasoil by 10.88%.
According to the Institute of Energy Security (IES), the window under review saw prices of Gasoline and Gasoil remain largely unchanged due to a strong intervention by the National Petroleum Authority (NPA).
Currently, average prices of petrol and diesel still stand at GHS5.21 pesewas, and GHS5.18 respectively.
On the world market, prices for coal, natural gas, LNG and crude oil have all dropped significantly in recent weeks.
Analysts have attributed this development to the fear of global economic growth slowing.
In an interview with Citi Business News Research Analyst at the Institute for Energy Security (IES), Mikdad Mohammed said all things being equal, fuel prices on the local market will fall.
“On the International market, brent crude has gone down, the finished product, gasoline and gasoil too have gone down, and these are heavy reductions on the international market. I dare say since November last year, we have not had such huge reductions on the international market” he stated.
The IES also believes the somewhat stability of the cedi could be attributed to the reduction.
However, in a related development, A latest periodic checks by the Ghana Standards Authority (GSA) has uncovered massive corruption at some top Oil Marketing Companies’ outlets in the Greater Accra Region of Ghana.