Fuel prices to be unchanged - Institute for Energy Security

The Institute for Energy Security (IES) has predicted stable prices of fuel at the pumps within the first pricing window which begins on Monday, 1 October 2018.

IES said while the average price of Brent Crude oil has shot up, prices of finished products have gone the other way; gasoline declined beyond 2% with less than 0.5% increase for gas oil.

“Despite the cedi recording some marginal gains against the dollar within the period, the IES projects prices of fuel to remain the same at the pumps for October’s first pricing-window,” a statement dated Friday, 28 September 2018, said.

IES, however, added that despite complaints of depressed margins from the Oil Marketing Companies (OMCs), it does not rule out “the strong possibility of prices reducing marginally at some select fuel stations as a result of competition for market shares among the OMCs”.

IES stated that the prices of fuel at the pumps experienced increases of more than 4% during the previous pricing-window in the second half of September, crossing the GHS5 threshold.

“From the first day of the window, some Oil Marketing Companies (OMCs) adjusted prices up to GHS5.18 and GHS5.14 for gasoline and gasoil, respectively. Competition among OMCs led by Goil drove prices down by around GHp0.6, as the average price of both gasoline and gasoil is currently GHS5.10 at the pump. IES’ Market-scan revealed Alinco Oil, Frimps Oil, Pacific, Fraga Oil, Zen Petroleum, Benab Oil, Pacific, and Lucky sell the least-priced fuel relative to other OMCs”.