Prices of fuel in the second pricing-window for the month of April 2017 recorded some form of stability at the pump in reference to Petrol and Diesel.

The stabilization in prices was as a result of stiff competition for market share among the various Oil Marketing Companies (OMCs).

Gasoline and Gasoil sold at GHS3.99 per litre and GHS3.95 per litre respectively on average terms.

The Institute for Energy Security’s Market-scan indicates that Lucky Oil, Frimps Oil, Puma Oil, Radiance Oil, and Goil are the top 5 OMCs selling the cheapest Gasoline and Gasoil on the fuel market.

World Oil Market Prices Indices

Price of Brent crude found little to inspire an upward momentum, even as U.S. output capacity continued to rise to a 2-year high.

Price dropped from an opening of $54.17 per barrel to $52.97 per barrel within the Pricing-window, a percentage change of 2.27%.

The Platts benchmark prices within the same period for Gasoline dropped by 0.59% from $557.92 to $554.61 per metric tonne, while Gasoil increased by 1.03% from an opening of $465.38 per metric tonne to $470.17 per metric tonne.

Local Forex and Fuel Stock

The Ghana Cedi performed relatively well against the American dollar, opening at GHS4.22 against the American dollar, closing at GHS4.18 for the period under review according to data compiled from the banking industry.

The stock of Gasoline has gone up from 102million litres to 126 million litres whilst Gasoil dropped from 230 million litres to 217 million litres. This combined stock of 343 million litres is capable of meeting national demand for about 5 weeks.

With the Ghanaian Cedi appreciating slightly against the U.S. Dollar, fuel stock levels remaining stable, Brent crude price falling slightly, as well as stability in Platt prices of finished products; the Institute for Energy Security (IES) foresees fuel prices on the local market remaining fairly stable.

It is also possible to see prices at the pump dipping slightly if the prevailing competition amongst the Oil Marketing Companies continues.