Fuel Prices Drop Slightly Ahead Of December Election

The Chamber of Petroleum Consumers Ghana has announced that fuel prices have gone down at the pump between 1 to 4 percent, barely a week to the December 7 polls. A statement signed by Duncan Amoah, Executive Secretary of the chamber, attributed the drop to the consistent decline in crude prices on the international market.

The statement further noted that “pump prices at current levels are expected to remain largely unchanged in the first pricing window of the month of December.”

This comes on the back of an observation made by the Institute for Energy Security (IES), which predicted a marginal drop in petrol and diesel prices in Ghana. According to IES, per their analysis, diesel and petrol are likely to go down by 1.5% and 3.0% respectively on the local market. Below is the full statement from the Petroleum Chamber:

CHAMBER OF PETROLEUM CONSUMERS GHANA PETROLEUM NEWSFLASH FUEL PRICES REDUCED AT THE PUMPS BY 1-4% 30TH NOVEMBER, 2016.

Fuel prices across most oil marketing companies (OMCs) has dropped by between 1 to 4.23% barely a day to end the of the final pricing window for the month of November. Most oil marketing companies begun the current pricing window with prices per litre averaging some 3.680 though others had much higher prices at the pumps.

The steady drop of world oil prices which currently averages $44/litre from previous levels of around $46.35/litre is believed to be largely responsible for  the current marginal reductions across most pumps in the country.

So Energy is currently dispensing the lowest prices on the market at 3.55/litre of pms (petrol) followed keenly by Radiance oil with 3.560/litre. Petrosol which saw one of the biggest reductions moved from previous 3.745/litre to 3.599 same as Shell and Total who currently are trading at 3.599 and 3.598 respectively.

Engen Oil was previously at 3.680 for Pms and 3.670 for AGO but currently trading at 3.590 for Pms and 3.590 for AGo. Goil maintained it’s pump prices when markets moved up from 3.630 to 3.750/litre previously and has currently reduced further down to 3.599 representing about 0.85399%.

Pump prices at current levels are expected to remain largely unchanged in the first pricing window of the  month of December. Signed Duncan Amoah, Executive Secretary, Chamber of Petroleum Consumers-Ghana (COPECGH)

By: Godwin A. Allotey