All Oil Marketing Companies (OMCs) are expected to reduce their prices further in May after Shell, Total and Goil started reducing theirs over the weekend, the Institute for Energy Security (IES) has said.

A statement issued by Richmond Rockson, Principal Research Analyst, Petroleum Unit – IES, said: “With crude oil price falling by over 5 per cent, gasoline and gasoil prices dropping by approximately 8 per cent, fuel stocks capable of meeting over four weeks of national demand, and the Ghana cedi remaining fairly stable against the U.S. Dollar, consumers can expect to get a break at the fuel pump.

The statement further indicated: “Benchmark Brent crude prices have been falling virtually every day for the past 15 days, pushing average Brent crude price from $52.97 per barrel to $50.17 per barrel.

OPEC’s production cuts agreed in December 2016 which had pushed oil prices up earlier in the year was not sufficient to keep oil prices high. Today, U.S. oil production is increasing again, boosting supply and keeping prices in check.

“The international gasoline and gasoil prices published by Platts on Friday 12th May, 2017 were $510.28 per metric tonne and $432.60 per metric tonne respectively, suggesting a 7.99 per cent drop for both fuels. These reductions were influenced by the rise in global stock of gasoline and gasoil.”