Radiance Oil is the Oil Marketing Company (OMC) offering the lowest fuel price at the pumps, the Chamber of Petroleum Consumers-Ghana (COPEC-GH) has revealed.
According to Charles Ntim, the Pricing and Research Officer for COPEC-GH, as at the second pricing window within the month on August 16, in accordance with the government deregulation programme, Radiance was offering the least price of GHS3.460 per litre of petrol. This is followed by Allied Oil, Benab and SEL, which offer GHS3.480 per litre each. GOIL and Puma offer the product at GHS3.490 per litre each.
For diesel, Radiance offered the lowest price of GHS3.360 per litre. This is followed by Allied Oil, Benab, and SEL which sell the product at GHS3.380 per litre each. GOIL offers diesel at GHS 3.390 per litre.
Meanwhile, Gilbert Richmond Rockson, Principal Research Analyst at the Institute for Energy Security (IES) has forecast a further drop in prices.
In a press release, he pointed out: “To the point where competition among the Oil Marketing Companies remains high, market price for both Brent crude and refined oil dropping in average price terms, added to the appreciation of the cedi against the U.S. dollar, and increasing national fuel stock, the Institute for Energy Security (IES) believes that there is enough positive momentum and fundamental justification to move the prices of petrol and diesel lower on the local market.”
The first pricing window in August recorded an average reduction of 1.33 per cent and 1.28 per cent for diesel and petrol prices on the local market respectively.