The Institute of Energy Security (IES) has predicted a reduction in fuel prices at the various Ghanaian pumps in the second pricing window of November 2018.

According to IES, an examination of the local fuel market performance in November’s first pricing window saw an “across the board” decrease in prices at oil marketing companies (OMCs).

The IES said the prices dropped by GH¢0.06 per litre dropping to 1.15%.

A research by the IES known as the market-scan shows that, currently, price of gasoline and gasoil remains at GH¢5.13 and GH¢5.15, respectively.

Here are the companies selling  fuel at the cheapest prices in Ghana

Benab

Cash oil

Zen Petroleum

Pacific Oil

Frimps Oil

Lucky

Fraga Oil

Alinco Oil

Earlier in November, Brent Crude prices dropped more than 20% following the U.S. hitting sanctions against Iran meanwhile, at the peak of  October this year,, Brent Crude stood at $86 per barrel but fallen to below $70, indicating a massive decline.

Another  IES report said, “Average Brent crude price continues to fall- from $83.96 per barrel in October second pricing window, to $78.97 in November’s first pricing window and now hitting $73.22 per barrel for November’s second pricing window, to $78.97 in November’s first pricing window and now hitting $73.22 per barrel for November second pricing-window,”

For November’s second pricing window, IES foretells a further drop in prices at the pump. The reason being that, there is an abrupt decline in gasoline, gasoil and Brent Crude prices.

“While IES has taken due cognizance of the complaints of depressed margins by the OMCs, it is important that fuel price reduction, where it is due, is implemented at the pump in a timely and fair manner all things being equal to bring some minimum relief to the Ghanaian public,” the report suggests.