Oil price on the international market has recorded its lowest price drop since 1991, but the prices remain the same at major fuel stations in Ghana.
The price drop in the global market is owed to the “Crude war” ongoing between Saudi Arabia and Russia.
Brent crude futures fell by as much as $14.25, or 31.5%, to $31.02 a barrel. That was the biggest percentage drop since January 17, 1991, at the start of the first Gulf War and the lowest since February 12, 2016. It was trading at $35.75 at 0114 GMT.
U.S. West Texas Intermediate (WTI) crude fell by as much as $11.28, or 27.4%, to $30 a barrel. That was also the biggest percentage drop since the first Gulf War in January 1991 and the lowest since February 22, 2016. It was trading at $32.61.
Saudi Arabia, the world’s biggest oil exporter, is attempting to punish Russia, the world’s second-largest producer, for baulking on Friday at production cuts proposed by the Organization of the Petroleum Exporting Countries (OPEC).
Meanwhile, the Chamber of Petroleum Consumers (COPEC) and the Institute of Energy Security (IES) have both called for a reduction of fuel price at the ex-pump.
According to COPEC, there ought to be a reduction in fuel prices between 10%-32% compared to the 2% that consumers have been given over the past few weeks.
Despite this huge drop in global Oil prices, Major Oil Marketing Companies (OMCs) in Ghana are yet to respond to the price reduction by reducing their prices to reflect international markets.
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