Fuel prices on the market will go down marginally before the close of the weekend, the Institute for Energy Security has stated.
This is because the Bulk Oil Distribution Companies are feverishly preparing their profitability statement with the anticipation of a fall in petroleum prices.
“Per the 3.60% decrease in the price of the International Benchmark- Brent crude together with the 7.20% decrease in Gasoline price, the 4.55% decrease in Gasoil price, the Institute for Energy Security projects a downward adjustment in the price of fuel per litre at the various pumps despite the marginal depreciation of the cedi by 0.33%,” it said in a statement.
Already, some leading Oil Marketing Companies have been reducing fuel prices with Total cutting fuel prices this morning.
Checks by Joy Business show that Total has dropped its prices by more than 2% per litre. This means diesel is now selling at 6.80 per litre, from the previous 6.96.
Petrol on the other hand is going for 6.80, compared with the earlier price of 6.99.
The reduction is in line with the two-week review of petroleum prices, which has been influenced by the current decline in crude oil prices on the world market.
Review of last pricing window
For the local fuel market, prices increased marginally within the window under review.
Majority of the OMCs increased their prices to reflect changes in the exchange rate and the international market.
Prior to the end of the window, some OMCs reduced their prices by cutting down their margins in the Price Build-Up.
Based on these activities, the current national average price of fuel per litre at the pump is pegged at ¢6.81 for both diesel and petrol, representing an increment from the previous window’s national average price of ¢6.71 per litre.
For the Pricing-window under review, Benab Oil, Cash Oil, Goodness Oil, Top Oil, Zen Petroleum, Star Oil and Frimps Oil sold the least-priced fuel on the local market.
Total, Engen, Allied, Petrosol, Shell, Puma and Goil had the highest-priced fuel on the market according to the IES Market-Scan.