Prices of fuel in Ghana are expected to be reviewed downward today following a drop in oil prices on the world market.
The price of Brent crude on the world market has fallen by 18 percent, within the last pricing window, coupled with a Ghana Cedi depreciation of nearly 1.3 percent within the period.
Meanwhile, the Chamber of Petroleum Consumers is predicting an eight percent reduction.
The Executive Secretary of the Chamber of Petroleum Consumers Duncan Amoah toldStarr Business the drop in crude prices is significant enough to warrant fuel price reduction.
“The world market prices continue to tumble and the Cedi hasn’t done too badly so the Ghanaian consumer should expect some further eight to 10 per cent cut at the pumps… we also continue to do our consultations with the OMCs,” Amaoah said.
According to Reuters, oil prices surged nearly 9 percent Monday, capping a three-day rally in which the commodity rose a total of more than 27 percent, after U.S. oil production data showed output falling and OPEC said it would talk with other producers about low prices.
Crude futures rebounded after retreating early Monday. U.S. oil, which rallied 12 percent last week, erased August’s steep losses, closing up $3.98, or 8.80 percent, at $49.20 a barrel—a six-week high. The contract’s gains over the past three days mark its biggest winning streak for such a time period in 25 years.
Brent was up $3.70, or 7.4 percent, at $53.80 a barrel. The spread between the two benchmarks widened to more than $5 intraday after narrowing to $4.33.