A leading oil marketing company, Ghana Oil Company (GOIL) may push some Oil Marketing Companies to keep their prices unchanged despite an increase in the price of Brent crude, the Institute for Energy Security has said.

Fuel prices are expected to go up by about 2% from tomorrow, based on data from the Bulk Oil Distribution Companies.

But the IES in its forecast of petroleum prices said “the 4.05% increase in price of the International Benchmark- Brent crude together with the 3.47% increase in price of gasoline, the 3.53% increase in gasoil price and the relative stability of the local currency against the US dollar; the Institute for Energy Security projects an upward adjustment in the price of fuel on the domestic market at the various pumps.”

It however said “with the recent increment in prices at the pumps, the leadership role played by GOIL, and with an aim to increase market share, OMCs are expected to maintain their prices as we enter the first pricing window of July Pricing-Window of June 2021.”

For the window under assessment, Brent crude price averaged about $73.98 per barrel mark representing a 4.05% increase from the previous window's average price of $71.10 per barrel mark.

The IES explained that the window’s increase in price has been largely irresponsive to the rise in the COVID-19 cases propelled by the Delta variant in parts of Europe and amid warnings of a dense outbreak in the United States.   For the first time in two years, the price of Brent reached the $75 mark at the end of the pricing window.

Meanwhile, Zen Petroleum, Benab Oil, Cash Oil, Goodness Oil, Top Oil and Frimps Oil sold the least-priced fuel on the local market according to the IES Market-Scan during the last pricing review on June 16, 2021.

There are over 100 OMCs in the country