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Petrol, diesel prices to remain stable—IES

Fuel prices will remain stable throughout the month of April, the Institute for Energy Security (IES) has projected.

Mr Fritz Moses, Research Analyst, IES, attributed the projected stability in prices to the drop in prices of petroleum products on the international market in the last pricing window.

He gave the projection in an interview with the Ghana News Agency,

In its review of the April 2022 First Pricing Window (April 1 to April 16, 2022), the IES found that Brent Crude price stayed mostly below the $110 per barrel mark, closing the window below $100 per barrel.

“For the window under assessment, prices reached an average of $104.98 per barrel, representing a 3.03 per cent reduction over the previous window’s average price of $108.27 per barrel,” it said.

“Gasoline price fell marginally by 1.06 per cent, from its initial price of $1060.23 per metric tonne to the end date price of $1049.02 per metric tonne,” it added.

The Institute, however, indicated that the Cedi, which is a major variable in determining fuel prices locally, depreciated by 1.44 per cent to close at Gh¢7.79 to the Dollar from the earlier window’s rate of Gh¢7.68 to the Dollar.

“For the remainder of April 2022, with the 1.5 per cent cedi depreciation against the Dollar, 1.06 per cent fall in petrol price, 3.65 per cent fall in diesel price, and 3.72 per cent fall in the price of LPG per metric tonne, the IES projects relative stability in the price of fuel on the local market,” it said.

Currently, petrol and diesel are trading at an average Gh¢9.39 and Gh¢10.33 per litre respectively.

This is a reduction of 4.37 per cent on the previous average price of Gh¢9.80 per litre for petrol and a 3.46 per cent reduction from the previous diesel average price of Gh¢10.70 per litre.

As part of measures to reduce the impact of the Cedi’s depreciation on the petroleum market, the Bank of Ghana earlier this month introduced a foreign exchange forward auction for Bulk Oil Distributing Companies (BDCs).

The move, which is exclusive for BDCs licenced by the National Petroleum Authority (NPA), is intended to reduce the uncertainty of the future availability of forex to aid price stability in the ensuing pricing window within the downstream sector.

The Government, beginning this month, reduced the margins on fuel by 15 pesewas per litre for the next three months.

The BOST margin has been reduced by two pesewas per litre, and the Unified Petroleum Pricing Fund Margin has also been reduced by nine pesewas per litre.

The Government further reduced the Fuel Marking Margin by one pesewa per litre, with the Primary Distribution Margin also reduced by three pesewas per litre.

Source: GNA

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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