Fuel prices to drop in February – IES

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

IES in a press statement sighted by GhanaWeb 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 dropped by about 4.26% from Ghe 15.90 to about Ghe 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 GHe15.20 and GHe 15.30 respectively. The national average price of liquefied petroleum gas (LPG) as monitored on various LPG Marketing Companies (LPGMCs) is pegged at Ghe 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.

About gold-for-oil programme

The gold-for-oil programme is to allow government pay for imported oil products with gold in a direct barter with gold purchased by the central bank.

The move, announced by Vice President, Dr Mahamudu Bawumia will serve as an intervention to help stabilise prices of fuel products, as well as, reduce pressure on Ghana’s foreign exchange.

The first oil consignment arrived in January 2023.