The top three Oil Marketing Companies (OMCs) are selling both petrol and diesel at a reduced price at their pumps.
The reduction follows a previous increase in prices of petrol and diesel by all 3 major OMCs to GHC 5.21 pesewas per litre in the last pricing window.
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The IES said their prediction was due to the fall in Brent crude prices, and finished products on the international market, as well as the cedi’s respectable gains against the dollar, could lead to prices dropping at the pumps.
The IES said the reduction will bring some relief to Ghanaians in the first pricing window in November.
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Research Analyst at the IES, Mikdad Mohammed told Accra-based Citi FM that they expect some OMCs to be influenced by the Price Deregulation policy to effect reductions beyond the projected margin.
“Unlike the previous window where we have had the depreciation of the cedi lead the increment, this particular window has had two major positive news. IES economic data show that we had an appreciation of around 2.4 percent from the cedi against the dollar.”
“For Brent crude, we have had a reduction of about 5 percent and finished products have now come down too. When you take gas oil, for example, it has come down by about 5 percent, gasoline has also come down to beyond 2 percent. It is the cumulative effect of all of these indices that IES foresee a reduction in prices from the current 5cedis, 21 pesewas to about 5cedis, 10 pesewas,” he added.