The reduction, according to the IES, is expected to be effective in the second pricing window of this month.

The fall is due to a significant fall in the value of the US dollar, which it says makes the case for fuel price reductions at the pump stronger.

At the same time, the price of Brent crude has declined significantly by 12.16%, coupled with the 10.58% and 8.66% considerable reduction in the prices of Gasoil and Gasoline, respectively on the international market.

Presently, the price of Brent crude is going for US$57.31 per barrel.

IES said market fears and weak oil demand have precipitated a continued oil price slide with the Brent crude benchmark falling on Monday (10 February 2020) to lows as $53.27 not seen since the end of 2018.

Its analysis indicates that the major contributory factor for the free fall of Brent crude prices is the impact of the Novel Coronavirus.

Other factors include hot winter and planned maintenance.

The hydrocarbon industry relies on cold weather across the Northern Hemisphere to drive demand for oil and gas to heat homes and workplaces in the world’s most advanced economies.

Also, most oil industry giants announced way before the Coronavirus about their planned maintenance.

Meanwhile, the first pricing-window of February 2020 saw the majority of OMCs maintaining their prices at the pump to record a national average price of GH¢5.48 and GH¢5.46 for Gasoil and Gasoline, respectively.

Within the period under review, Zen Petroleum, Benab Oil, Nick Petroleum, Frimps, Champion and Cash Oil, were among a few OMCs that sold the least-priced Gasoline and Gasoil on the local market relative to others in the industry as found by IES Market-scan.