The second Pricing-window in the month of June 2017 saw most Oil Marketing Companies (OMCs) effecting slight drops in prices at the pump for both Gasoline (Petrol) and Gasoil (Diesel); with the market recording an average drop of 0.77%.
The drop recorded in the local fuel market was attributed to relatively favourable prices recorded on the international fuel market as compared to the previous window.
Currently, the average pump price for Gasoline and Gasoil stands at GHC3.84 per litre and GHC3.83 per litre respectively.
Institute for Energy Security (IES) market-scan indicates that Frimps Oil sold the cheapest Gasoline and Gasoil on the market at GHC3.77 per litre. Aside Frimps Oil; Lucky Oil, Puma Energy, and AP Oil are selling the cheapest fuel on the market.
World Oil Market Prices
Reports from the international oil market show Benchmark Brent crude dropping further from the previous price average of $48.87 per barrel to trade at an average price of $46.53 as a result of over-supply. The fall in price suggests a percentage change of 4.79%.
Standard and Poor’s Platts benchmark indicate that within the period under review, price for Gasoline dropped by 6.16%, from $522.74 per metric tonne to $490.55 per metric tonne, while Gasoil fell by 1.36%, from a previous average of $424 per metric tonne to 418.25 per metric tonne.
Local Forex and Fuel Stock
The Ghana Cedi, for a fourth consecutive window, depreciated against the U.S. Dollar, opening at GHC4.32 against the U.S. Dollar and closing at an average of GHC4.36, according to figures from the banking sector. This represents a percentage change of 0.93%.
The stock of Gasoline and Gasoil in the country remains unchanged from the previous and could meet four-weeks of national demand.
PROJECTIONS FOR JULY 2017 FIRST PRICING-WINDOW
The international price of both crude oil and refined products have dropped by a decent figure, the Ghana Cedi depreciated marginally, fuel stock level in the country remain high.
Following the positive statistics emanating from the sector, the IES expects fuel prices to drop slightly in this first Pricing-window for the month of July 2017.
However, with National Petroleum Authority’s revised specifications for Gasoil, Gasoline and Kerosene expected to come into force on July 1, 2017; fuel prices at the pump could see a rise.