Energy Ghana ranking: Retail oil prices moves up

By D.I. Laary, GNA
Accra, Jun 05, GNA - Energy Ghana, a subsidiary of Energy Media Group's latest fuel prices chart has shown oil marketing companies increased ex-pump prices in the first week of June, a move expected to exert upward pressure on inflation.

Fuel prices have a big effect on the inflation rate, which eased to 18.7 per cent in April from 19.2 per cent in the previous month.

This was due to slower rise in costs of housing and utilities, food and transport, influenced greatly influenced by prices at the pump.

The latest retail oil prices quoted by the Oil Marketing Companies (OMCs) show that, on average, SO Energy capped the chart, selling a litre of petrol at GH₵ 3.6000 and diesel GH₵ 3.5000.

That showed an upward adjustment from the last placement on May 23 when the Company quoted GH₵ 3.5100 for a litre of petrol and GH₵ 3.4100 for diesel.

ZEN placed second in the June 5 ranking, quoting petrol at GH₵ 3.6000 per litre and diesel GH₵ 3.5100.

That also indicated an upsurge from the previous month price quotation of the same value of petrol sold at GH₵3.4900 and GH₵3.3900 for diesel.

PUMA Energy came third and is charging GH₵ 3.5900 per litre of petrol and GH₵3.5200 for diesel up from GH₵3.4900 charged for petrol and GH₵3.3900 for diesel in the May 23 grading.

SEL, TOTAL and SHELL are selling the companies quoting the highest prices for both petrol and diesel and are found at the bottom of the chart.

Various prices for the June 5 ranking of 12 the OMCs are quoted below in Ghana cedis per litre.

OMC Petrol Diesel
SO 3.6000 3.5000
ZEN 3.6000 3.5100
PUMA 3.5900 3.5200
SKY 3.6300 3.5300
ALLIED 3.6300 3.5300
KABORE 3.6480 3.5470
STAR 3.6500 3.5470
INFIN 3.6490 3.5490
GOIL 3.6490 3.5490
SHELL 3.6500 3.5500
TOTAL 3.6500 3.5500
SEL 3.6500 3.5500
Energy Ghana introduced the Gh Fuel Prices rating of OMCs early this year under the slogan: 'Compare and Buy,' to update consumers about current retail prices of diesel, petrol, kerosene and liquefied petroleum gas.

Market watchers have hailed the app as a good one for Ghana's downstream oil marketing sector as it gives consumers a superior deal of energy products after full deregulation of the sector took full swing.

The Energy Media Group, Chief Executive Officer, Mr Henry Teinor, told the Ghana News Agency that the rating has triggered 'price war' among retail oil companies.

'This will give consumers value for their money,' he said, 'as pricing information on oil and gas are being provided timeously and sufficiently to the public, while competition among oil companies becomes keener and keener fortnightly.'

Meanwhile, world oil prices fell Friday by 8 cents to $49.96 per barrel by 12:21 pm after a dismal US jobs report added to the worries about weak global economic growth and slow growth in crude demand, according to oil price.com reports on Sunday.

GNA