The Institute of Energy Security (IES) has predicted that the prices of fuel plants are expected to reduce by between 3 – 5% within the second pricing window in June which started yesterday.

The institute attributed it to the development of the national market.

The international market figures show that the average crude oil price has fallen by 9.5%, Gasoline has also fallen by 14.86% with gasoil reducing by 10.88%.

Currently, the litre of petrol and diesel each is selling at about ₵5.20p.

In an interview with City Business News, Research Analyst at the Institute for Energy Security (IES), Micdad Mohammed said all things being equal, fuel prices on the local market in Ghana will fall.

“When you look at the international market, frescoed has gone down about 9.50% if you put that aside from the finished product, gasoline [and] gasoil. Gasoil has gone down about 10%, gasoline petrol has also gone down about 14%. And these are a heavy unprecedented reduction on the international market,” he said.

He said since November 2018, the country has not had such huge reduction on the international market.

“When you compare that to about 1.32% depreciation of the cedi, it becomes a significant reduction, which cannot be validated by our currency depreciation that is why we predict it to go down between the ban of 3% – 5% on the local form.”

Meanwhile, the IAS wants the Ghana Standard Authority and National Petroleum Authority to enforce strict sanctions on oil marketing companies who short change consumers.

About 10 OMCs were caught cheating at the various customers during a random visit by the GSA.

Micdad Mohammed said the GSA and MPA must intensify their monitoring fuel retail market to ensure Ghanaians get quality fuel at the monies worth

“That is not enough in the sense that a fuel station a day is serving 400 customers and they are cheating every customer a liter, in 6 months you can calculate the returns. so you have an imaginary return of the infraction and how heavy the fine is, it would have been what they gained from the punishment”.

“This is why we can’t even address illegal fuel export. Because the maximum returns they get from [it] compare to the NPA levies on them, they’re winners eventually,” he said.

He further advised that the country look out beyond the naming and shaming to prosecute the individuals involved and getting the OMC to take action against the particular officials or attendants who are involved.