Ghana’s leading indigenous oil marketing companies, GOIL Company Ltd and TotalEnergies, have reduced fuel prices at their pumps.

While GOIL has reduced its pump price from GH¢6.70 to GH¢6.60, TotalEnergies adjusted their pump price from  GH¢6.80 per litre to GH¢6.65 for both diesel and petrol.

This comes after International Crude Oil prices witnessed some marginal fall in recent times.

Both Institute for Energy Security and Chamber of Petroleum Consumer Ghana had predicted a reduction in fuel prices at the local market for the second pricing window, following a fall in crude oil prices on the international market.

In a statement issued by the Chamber of Petroleum Consumer (COPEC), the chamber anticipates an average of 5.34 per cent reduction of ex-pump prices for petrol and diesel from a maximum indicative price of GHS6.860/L to GHS6.513 in the 2nd window beginning 16th December 2021.

COPEC’s pricing model analysis is shown in Tables 1 and 2 below:

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

It, however, said: “Concerns about pandemic [Covid-19] weighed on oil prices during the recently closed trading window, following reports that the omicron variant was set to hurt oil consumption. “These findings are despite reports that the variety in question causes far fewer symptoms among those infected than previous varieties.”

Source: https://energynewsafrica.com