The Institute of Energy Security (IES) has said the price of fuel is expected to fall further as the year comes to an end.

For the local fuel market, the IES said in a statement on Thursday, 16 December 2021 signed by Mr Fritz Moses, Research Analyst, that “prices decreased marginally within the window under review”.

GOIL, the largest market shareholder amongst the Oil Marketing Companies (OMCs), reduced its margins on the Price Build-Up (PBU), “eventually resulting in reduced prices at their pumps, as part of measures to cushion customers from the rising fuel prices and following demands by the Ghana Private Road Transport Unions (GPRTU) for reduced fuel prices”.

The IES observed that other OMCs also followed suit.

The current national average price of fuel per litre at the pump is pegged at GH¢6.58 for both gasoline and Gasoil, representing a decrease of 2% from the previous window’s national average price of GH¢6.71 per litre, the Institute noted.

It said for the pricing window under review, Benab Oil, Cash Oil, Goodness Oil, Top Oil, Zen Petroleum, Star Oil and Frimps Oil sold the “least-priced fuel on the local market” while Shell (Vivo), Total, Engen, GOIL, Allied, Petrosol, and Puma had the “highest-priced fuel on the market”, according to IES’ market scan.

On the world market, the IES said for the window under assessment, the price of the international benchmark, Brent crude, averaged about $81.01 per barrel, “representing an increase of 0.98% from the previous window’s average price of $80.25 per barrel mark”.

Concerns about the pandemic, the Institute mentioned, “weighed on oil prices during the recently closed trading window, following reports that the Omicron variant was set to have a negative impact on oil consumption”.