The Institute of Energy Security (IES) says the recent reduction in price of fuel at retail outlets is woefully inadequate and wants the National Petroleum Commission (NPA) to take steps to ensure retailers respect the fundamentals of the deregulated market.
“As projected by IES in its Second Pricing-window of February 2020, prices on the local market are dropping per IES Market Scan as of Saturday 22nd of February, 2020 @ 4:00pm,” an IES statement said.
It however described the rate of reduction as woefully inadequate. It also advised the government, through the NPA, to ensure that the Oil Marketing Companies (OMCs) respect the fundamentals of a deregulated market structure.
It said the fall in prices on the local market is as a result of “the 12.16% significant decline in prices of Brent crude, coupled with the 10.58% and 8.66% considerable reduction in the prices of Gasoil and Gasoline respectively on the international market; in addition to the 4.44% appreciation of the Cedi against the US Dollar.”