Institute for Energy Security projects reduction in diesel price

The Institute for Energy Security (IES) is projecting a reduction in the price of diesel on the domestic market during the second pricing window.

Petrol prices are however expected to remain at the current price into the second half of April 2021.

This was contained in an IES release signed by Research Analyst, Mr Fritz Moses on the performance and projections of prices of petroleum products in April.

Oil Marketing Companies, OMCs maintained prices of petroleum products at the pump throughout the first Pricing-window of April 2021. The current national average price of fuel per litre at the pump is Gh¢5.16 for diesel and petrol.

For this Pricing-window, Zen Petroleum, Benab Oil, Petrosol and Frimps Oil sold the least-priced fuel on the local market according to IES Market-Scan. With the 2.40% decrease in price of the International Benchmark- Brent crude, the 2.65% decrease in price of Gasoil, 1.83% increase in Gasoline price and the 0.17% depreciation of the local currency against the US Dollar; the Institute for Energy Security, IES projects the price of diesel on the domestic market at the various pumps to reduce.

Petrol prices are however expected to remain as we continue into the second half of April 2021.

The IES explained that with the aim of increasing market share, however, the various OMCs may decide to reduce the price of both products.

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