IES, the Institute for Energy Security has expected a further drop in Fuel Prices between 2.5 per cent on Petrol and 1.8 percent on Diesel in the 2nd pricing-window for the month of July this year.

The Institute for Energy Security associates its projections to a sustainable national fuel stock, falling fuel prices on the world market and the relative stability in the cedi.

Gilbert Richmond, the Principal Research Analyst, Petroleum Unit at IES signed a press release, in which it said, at the close of the new Pricing-window, IES expects consumption of Petrol and Diesel combined to increase by 2.9% over May 2016 figure of 306 million liters for the month of July 2016.

IES says it has selected 25 Oil Marketing Companies (OMCs) as sample, across Ghana and found that:

– The market recorded and average reduction of 1 per cent and 0.58 per cent on Petrol and Diesel respectively.

– 11 OMCs – Total, Puma Energy,Allied Oil, Engen Petroleum, Star Oil, Shell, Agapet Oil, Rich Oil, Lucky Oil and Petrosol made reductions to the Diesel and Petrol price.

– Puma Energy, Goil, Engen Petroleum, Unity Oil, and Top Oil are the five top OMCs in terms of prices.

“Platts, the benchmark for Petrol and Diesel prices representing 7.9 percent and 4.6 percent over the first Pricing window went down by $40.52 per Metric Tonne and $19.95 per metric tonne respectively.

IES further explained that average Platts price for the first pricing-window was $513.95 and $436.20 per metric tonne for Petrol and Diesel respectively.

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