Fuel prices to go down between 3% and 5%, says IES

The Institute for Energy Security (IES) projected a 3% to 5% reduction in the price of fuel per litre at the pumps, despite the marginal depreciation of the cedi to the dollar.

Already, some Oil Marketing Companies (OMCs) including a market leader, Total Petroleum PLC, has cut their price by about 2.2%. 

According to a statement from the IES, the fall in petroleum prices at the pumps is due to a decrease in the price of Brent crude on the international market.

“With the 0.98% increase in the price of the International Benchmark- Brent crude together with the 11.68% decrease in gasoline price, the 8.64% decrease in gasoil price; the Institute for Energy Security (IES) projects for a 3-5% downward adjustment in the price of fuel per litre at the various pumps despite the marginal depreciation of the cedi of 1%”, it said in a statement.

Reduction underway

Some oil Marketing Companies have started reducing their prices.

Allied Oil, has reduced its price from GHC6.70 to GHC6.58, representing almost a two percentage points drop.

GOIL has also cut its prices, effective this morning. It’s now selling a litre of petrol and diesel at GHC6.60 respectively.

It is expected that many OMCs will begin to reduce their prices by the close of day Friday (17 December).