Trading activities within first fuel pricing window for the month of November reveals most oil marketing companies are losing their market share to Goil, Top Oil, Radiance Oil, Glory Oil and Allied Oil because they were selling the cheapest fuel on the local market, this is according to the Institute of Energy Security.

Shell (Vivo Energy), Total Petroleum Ltd, and Engen Petroleum reduced their prices marginally to compete for market share.

As at last week Thursday, an average pump price for Petrol and Diesel is Ghs 3.666 per litre and Ghs 3.663 per litre respectively, indicating an average price drop of about 1.8%.

The global gasoline (petrol) supply glut as against huge supply gap for Gasoil (Diesel) saw diesel prices at most pump stations being sold as the same price as Petrol and some instance higher than Petrol.

Fortnight ago, the average Brent crude price dipped from $51.22/barrel to 47.07, a reduction of 8.10% following reports from Energy Information Administration (EIA) and International Energy Agency (IEA) suggesting that the global inventories continue to exceed demand; coupled with Russia and OPEC member countries not making good their word to freeze production.

But the average Platt prices for Petrol and Diesel is $481.08/metric tonne and $418.81/metric tonne indicating a drop of 7.36% and 8.12% on the two fuels as at Thursday last week, as compared to $519.32/metric tonne and $454.98/metric tonne recorded fortnight ago.

From data obtained from Bank of Ghana, the Ghana Cedi lost marginally against the U.S. Dollar over the first Pricing-window by 0.03% and it is expected to see a further depreciation (marginal though) as the Ghanaian general elections draw closer.

Combined stock of Petrol and Diesel held in-tank and on vessels offshore dropped from 445 million litres to 318 million litres, capable of ensuring 3-weeks supply of Diesel and 7-weeks supply of Petrol to meet national demand. As at Thursday last week, Petrol and Diesel stock in-tank and offshore stand at 195 million litres and 123 million litres respectively.

As a result of marginal loss of the Ghana Cedi to the U.S. Dollar, the up to 8.12 % reduction in the prices of finished products on the world market, the 8.10% drop in crude oil price, and the low stock of Diesel in the country, the Institute for Energy Security (IES) has projected prices of Diesel and Petrol on the local market to drop between 1.5 and 3.0% for the second Pricing-window for the month of November 2016.

 modernghana