Fuel prices to reduce in second half of August – IES

The Institute for Energy Security (IES) is projecting that price of fuel on the domestic market at the various pumps will dip in the second Pricing-Window of August 2021.

According to the IES, the downward adjustment may, however, be offset by the adjustments from the largest local market shareholder, GOIL, TOTAL and Shell.

Also, the IES noted that the various change in prices of the commodities on the international market is expected to affect local market prices in Ghana. For this window, with the 1.49 percent reduction in the price of the International Benchmark- Brent crude, the 2.17 percent decrease in price of Gasoline, the 1.77 percent decrease in Gasoil price and the marginal depreciation of 0.17 percent of the local currency against the US Dollar.

“Monitored on a 15-day rolling basis, the price of fuel on the local Ghanaian market remained stable within the window under assessment,” IES said.

Price of petroleum products within the first Pricing-window of August 2021 saw the Oil Marketing Companies (OMCs) continue to maintain prices at the pump from the first pricing window of July. The current national average price of fuel per litre at the pump remains pegged at GHS5.97 for both Gasoline and Gasoil on account of the relative price stability.

This Pricing-window also saw, Zen Petroleum, Benab Oil, Cash Oil, Goodness Oil, Top Oil and Frimps Oil recorded as the OMCs that sold the least-priced fuel on the local market according to the IES Market-Scan.

On the world market, the international benchmark for Ghana, Brent crude saw its price on average terms selling at about $72.10 per barrel mark representing a 1.49 percent decrease from the previous window’s average price of $73.19 per barrel mark.

Data analysed by the IES Economic Desk from the Foreign Exchange (Forex) market showed that the Cedi marginally depreciated against the U.S. Dollar by 0.17 percent to close trading in the window at Gh¢5.867 to the US Dollar from the previous window’s Gh¢5.86 to the US Dollar.