Institute of Energy Securities (IES) has said fuel prices at various pumps on the local market are expected to reduce further down in the first pricing window of November.

According to a statement issued by the institute, this can to be attributed to a drop in prices of International Benchmark- Brent Crude, the 2.62 percent reduction in prices of Gasoil, as well as the 0.17 percent appreciation of the local currency.

“Owing to factors including the 4.44 percent decrease in prices of International Benchmark- Brent Crude, the 2.62 percent decrease in prices of Gasoil, the 6.07 percent decrease in Gasoline prices and the 0.17 percent appreciation of the local currency; the Institute for Energy Security (IES) projects prices of fuel on the domestic market going down as we enter the second half of November 2020,” the IES explained.

The IES says for the last pricing window, Zen Petroleum, Benab Oil, Goodness Energy, SO Energy and Alinco Oil sold the least-priced Gasoline and Gasoil on the local market.

“Prices of fuel on the local market remained stable within the window under review. Prices of petroleum products within the first pricing-window of November 2020 saw majority of Oil Marketing Companies (OMCs) maintaining prices of Gasoline and Gasoil. The current national average price of fuel per litre at the pump is pegged at GH¢4.60,” IES added.

Read the statement below: