Connect with us

Hi, what are you looking for?


Local Fuel Prices To Drop Slightly

The local fuel market in the first Pricing-window in June 2017 recorded interesting turn of events. Prices were projected by Institute of Energy Security (IES) to rise up to 4% based on global oil market fundamentals.

Puma Energy was the first Oil Marketing Company (OMC) to adjust prices upward but quickly had to backtrack due to stiff competition; one of the benefits of the downstream deregulation policy introduced in June 2016.

Whereas most OMCs maintained prices from the previous Pricing-window, few Oil Marketing Companies (OMCs) including Goil, Shell, AP Oil and Total adjusted prices downward at the tail end of window for the market to record an average price drop of 0.51%.

IES MarketScan reveals that Frimps Oil, AP Oil and Puma Energy are selling the cheapest Gasoline and Gasoil on the local fuel market. The average price per litre of Gasoline and Gasoil is GHC3.87 and GHC3.85 at the close on the first Pricing-window.

World Oil Market Prices Indices

Benchmark Brent crude prices continue to fall on the international market, from an opening of $53 per barrel and closing at an average of $48.87, a change of $7.79%.

This is as a result of the robust production growth by U. S. shale production and a similar growth in production by Non-OPEC members in spite of the announced production cut.

The benchmark prices from Platts for Gasoline and Gasoil shows a drop in prices for both products on the international market. Gasoline prices per metric tonne dropped from $544 to $522.74, a percentage drop of 3.91%.

Gasoil prices also dropped by 7.47%; from $458.27 to $424 per metric tonne as the U.S. Energy Information Administration (EIA) reported an increase in Gasoline inventory last week.

Local Forex and Fuel Stock

Figures gathered from the banking sector indicate the Ghana Cedi depreciated against the U.S Dollar again, the third consecutive time.

The current average exchange rate is GHC4.32 per dollar, from an opening of GHC4.27, a depreciation of 1.16%.

Combined stock for Gasoline and Gasoil at the close of the first Pricing-window for June 2017 stood at roughly 247 million litres, capable of meeting 4-weeks of national demand.

Projection for June 2017 second pricing-window

Taking into consideration the market indicators like the Brent crude price which has dropped by over 7%, the drop in global prices of Gasoline and Gasoil by about 4% and 7% respectively, the depreciation of the Ghana Cedi by over 1%, coupled with competition among the various OMCs; the Institute for Energy Security (IES) can project fuel prices to drop slightly at the pump on the local market. Some major OMCs have kicked started the reduction already, and it is expected that the others, especially the relatively small OMCs will follow suit.

Join to receive daily email alerts of breaking news in Ghana. is your source for all Ghana News. Get the latest Ghana news, breaking news, sports, politics, entertainment and more about Ghana, Africa and beyond.

Trending Stories


Northern Regional Minister Salifu Sa-eed has banned prostitution in Tamale with immediate effect. This comes after a Guinean national who tested positive for the...


Jacques Joaquim Yhombi-Opango, former president of the Republic of the Congo, has died after contracting coronavirus, his family said. Yhombi-Opango died in a Paris...


The Northern Regional Minister, Salifu Saeed, has confirmed that a coronavirus patient who was under quarantine in his region has fled the facility, leaving...


Sixteen persons have been arrested in Kasoa in the Central Region for failing to give tangible reasons why they were in town during the...


A video of a young man paying dearly for refusing to adhere to the directives of the president to remain indoors has emerged barely...


President Nana Akufo-Addo has earned massive praise from some prominent people around the world over list latest statement on the Coronavirus disease (COVID-19). President...


There are now more than 3,200 confirmed cases of coronavirus across the continent, with a number of African countries imposing a range of prevention...


The President for Institute of Liberty and Policy Innovation (ILAPI), Mr Peter Bismark, has stated that Ghana requires GH₡15 billion for 28 days’ total...


The ghana government has empowered the security forces to enforce the partial lockdown of certain parts of the country in order to contain the...

Africa & World

In fact, Venezuela has done a lot of good deeds for a lot of countries, but mostly for the poor countries in the Caribbean...

Africa & World

Soaring food prices aren’t new in Haiti, the poorest country in the Western Hemisphere and heavily dependent on imports. Sadly in 2020, those prices...


The Bank of Ghana in its efforts to ensure the effectiveness of the lockdown directive given by President Akufo-Addo, is urging all banks and...

Copyright © 2020 GhanaStar Media Group. All rights reserved