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

The IES is attributing the fall in petroleum prices at the pumps to a decrease in 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.

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 have a negative impact on oil consumption. These findings are in spite of reports that the variety in question causes far fewer symptoms among those infected than previous varieties.”

“There is still some concern on the market about the possibility of more Covid-19 measures that might cut oil consumption going forward”, it added.

Local fuel market performance

For the local fuel market, prices decreased marginally within the window under review, the IES said.

GOIL, the largest market shareholder amongst the OMCs reduced it margins on the Price Build-Up (PBU), eventually resulting in reduced prices at the pumps. This was part of measures to cushion customers from the rising fuel prices and following demands by the Ghana Private Road Transport Unions (GPRTU) for fuel prices to be reduced.

Other OMCs also reduced their prices.

The current national average price of fuel per litre at the pump is pegged at ¢6.58 for both gasoline and gasoil representing a decrease of 2% 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.

Shell (Vivo), Total, Engen, GOIL, Allied, Petrosol, and Puma had the highest-priced fuel on the market according to the IES Market-Scan