Fuel prices have seen some reductions as the second pricing window for February has begun.

Checks by GhanaWeb Business at some fuel pumps have shown that some Oil Marketing Companies (OMCs) have reduced the price of fuel.

GOIL is currently selling a litre of petrol at GH¢14.50, and diesel at GH¢14.90 an indication of a 5% reduction from the previous price of petrol and a 3% reduction from the price of diesel.

The reduction has been linked to the recent stability in the Ghana cedi these past weeks.

Meanwhile, the Institute for Energy Security (IES) predicted that Oil Marketing Companies (OMCs) will witness a marginal price drop in the second pricing window.

IES in a press statement sighted by GhanaWeb Business further stated that the price of gasoil could drop by 4.26%. This means that the price will move from GH¢15.90 to about GH¢15.25 this month - February.

Meanwhile, the price of Liquefied Petroleum Gas (LPG) is expected to be sold at GH¢13.51 per kilogramme across all stations.

The institute also asserted that the price reduction in gasoil could be attributed to government's Gold-for-Oil programme.

"The Institute for Energy Security's (IES") monitoring of various Oil Marketing Companies (OMCs) for the pricing window under review saw the price of Gasoil drop by about 4.26% from GH¢15.90 to about GH¢15.25 in the second week of the pricing window as a government intervention to set the price," part of the statement read.

"At the close of the pricing window, the national average of Gasoline and Gasoil stood at about GH¢15.20 and GH¢15.30 respectively. The national average price of liquefied petroleum gas (LPG) as monitored on various LPG Marketing Companies (LPGMCs) is pegged at GH¢13.51 per kilogram. The changes in the price of Gasoil was largely as a result of a directives by the National Petroleum Authority directive 1r price adjustment to reflect government Gold for Oil Policy," it added.

SSD/FNOQ