The Institute for Energy Security (IES) has predicted one percent to three percent decrease in the prices of fuel at the pumps within the first pricing window for the month of March, 2018.

IES said the forecast is on the basis of “the stability of the local currency, the over 6% reduction in the price of Gasoline, the 4.63% drop of Gasoil price, and the average 3.33% reduction in Brent crude price”.

This was contained in a statement signed by Principal Research Analyst, Richmond Rockson, on Wednesday, 28 February 2018.

The released added that “this second consecutive dip in prices at the pump should be a major relief for petroleum consumers considering the several price hikes experienced in the last few months”.

On the performance of the fuel market for the second pricing window in February, IES explained that “for the first time in 2018, petroleum consumers had a sigh of relief as fuel prices at the pump saw a reduction, though marginal”.

“This was as a result of favourable indicators recorded on the international fuel market and government’s reduction of Special Petroleum Tax from 15% to 13%, which has been made a specific tax of Ghp 46,” the release added.

According to IES, total reduction on a litre of Gasoline was 16 pesewas whilst Gasoil saw an 18 pesewas reduction adding, currently, a gallon of petrol could be sold to you on average terms at GHS20.30, with diesel going for GHS20.21.

The institute’s market scan shows Zen Petroelum, Benab Oil, Pacific, Lucky Oil and Puma Energy selling at the lowest price per litre at the pump.

Brent crude price within the period under review saw a reduction in average price, as the commodity dropped from $67.25 per barrel to close trading at $65.01 per barrel, representing a change of 3.33%.

According to Standard and Poor’s Global Platts benchmark for finished products, prices of Gasoline and Gasoil saw a decline on the global fuel market.

Price of Gasoline per metric tonne dropped by 6.11% from $656.45 to $616.32. Gasoil closed the window at an average of $567.43 per metric tonne from a previous average of $594.95 per metric tonne, a change of 4.63 percent.