The Institute of Energy Security (IES) has predicted up to a 24% reduction in the price of petroleum products at the pumps.
Oil market prices have fallen on the world market with Brent Crude selling at its lowest in 18-months.
This the IES says will cause prices on the local front to go down further.
Speaking to Starr Business, Policy and Research Analyst Raymond Nuorkpor called on Oil Marketing Companies (OMC’s) to reduce their prices to aid persons staying home during the covid-19 lockdown.
“In making our price projection, we look at the previous window that just passed, and we also look at fuel prices on the international market. We also look at the Dollar-Cedi relationship. So, if you look at our projection, you will realize that we made mention to the significant fall to the Brent Cruz that is the international prices of crude oil. We also made reference to the considerable drop in the prices of gasoline, about 51.29 that’s huge and gas oil that’s about 27.96 on the international market.”
He added “now, over the past three months, prices on the international market have been coming down, but we realized is that majority of the OMC’s do not reduce prices at the pumps for the consumers to benefit.
“The last window, for example, we had an average of 8.8% reduction. We believe that with this clinical reduction in the past window and going into this particular window have been very good going down by 33.36% and gasoline going down by 59.21. It’s only fair for the OMC’s to reduce their prices to at least 15% for the consumers to also benefit.”
He noted that OMC’s must also not forget that much of the advocacy is for a lot of Ghanaians to stay home.
“So, therefore if this is going to happen, OMC’s must respect this regime and reduce prices so these directions form the President can be carried out by public transport so we can all be able to kick out this pandemic,” he stressed
Source: Ghana/Starrfm.com.gh/103.5FM
