This according to the institution is due to the 9.50% fall of Brent crude prices and the 10.88% fall of prices of Gasoil on the international market.
Fuel prices set to drop thanks to the Cedi's stability, here are the fuel stations with the cheapest fuel prices
The Institute for Energy Security (IES) says the prices of fuel will drop “within the band of 3% and 5% at the pump” by the end of the month of June.
The IES noted this in a press statement it released on Monday, June 17, 2019.
The fall the statement said can also be attributed to the stability of the cedi to the dollar.
“IES forecast is based on the fact that average Brent crude price has fallen by 9.50%, Gasoline by 14.86% and Gasoil by 10.88%. We also note that the Cedi lost 1.32% of its previous value to the U.S Dollar within the window,” the statement noted.
It further said, “On this basis, the Institute for Energy Security (IES), all things being equal, foresees fuel prices on the local market falling within the band of 3% and 5% at the pump.”
The window under review saw prices of Gasoline and Gasoil remain largely unchanged due to a strong intervention by the National Petroleum Authority (NPA).
As a result, average prices of Gasoline and Gasoil still stands at GH¢5.21 and GH¢5.18 respectively.
Although the Ghana Standards Authority (GSA) uncovered ‘pump-cheating’ by some select Oil Marketing Companies (OMCs) in Accra.
IES Market-scan has however shown that Benab, Pacific, SO Energy and Lucky Oil sell the least-priced fuel on the market.
Eyewitness? Submit your stories now via social or: