As at close of business-day 7th June 2016, Frimps Oil, Puma Energy, Goil and Allied Oil captured the 1st, 2nd, 3rd and 4th positions respectively on IES Best 10 OMC chart.
However at the Opening of business (9th June 2016), the dynamics changed dramatically. Puma Energy took the lead on the IES chart by selling Petrol for Ghs3.590/Litre and Diesel Ghs3.520/Litre respectively whilst Frimps Oil dropped to the 2nd position by making an upward adjustment of 3.2% on both Petrol and Diesel. In spite of the drop, Frimps Oil’s products are mostly sold below the market average. IES will be investigating the reason behind this and inform consumers accordingly.
The Market also saw Goil dropping from 3rd to 5th position on the chart, losing its position to Total Petroleum. Total Petroleum Ghana Ltd captured this position from its previous 7th place on the back of a decrease in price of petrol by 1.10%.
Shell Ghana Ltd advanced from the 8th spot on the chart as at 7th June 2016 to the 6th position today, as a result of the reduction to its prices by 0.8% and 0.6% on Petrol and Diesel respectively.
This development brings some form of relieve for consumers who were disturbed over the increments that took place over the last weekend. But due to the fact that Goil reduced its price of Petrol and Diesel by 2.9Pesewas/Litre and 1.9Pesewas/Litre respectively on Monday evening after the weekend’s increment, the other players in the market were forced to reduce prices by an average of 4Pesewas/Litre. This is a derivative of the price liberalization of the downstream sector of the petroleum industry in Ghana.
The Institute for Energy Security expects no further increment within the first pricing window for the month of June 2016.
