Fuel prices to remain unchanged till the end of the month according to Institute of Energy Security

April 16, 2020 3:17 PM

The Institute for Energy Security (IES) has predicted that prices of petroleum products on the Ghanaian market will remain unchanged for the second pricing window beginning 16 April 2020.

A motorist holds a fuel pump at a Gulf petrol station in London, file. REUTERS/Luke MacGregor/File Photo

In a statement issued by the IES, it stated that “taking into consideration the relatively modest reduction in the prices of petrol and diesel on the international market, as well as the 2.29% marginal reduction in the price of International Benchmark – Brent Crude; the Institute for Energy Security (IES) foresees prices of fuel on the local market remaining largely stable.”

However, “competition between Oil Marketing Companies (OMCs) to control and gain more market shares may result in the selling price of fuel falling marginally within the second pricing-window of April 2020.”

The IES added that data collated by its Economic Desk from the Foreign Exchange market shows the cedi depreciated by 0.72% against the U.S. dollar, trading at an average price of GHC5.63 to the U.S. dollar over the period under review; from a previous rate of GHC5.59 recorded in the second pricing-window of March 2020.

At the same time, crude oil prices remain largely around the US$30-margin for this window.

During the last pricing-window, there was a reduction of fuel prices at pumps across major OMCs.

However, the second pricing-window of February 2020 saw some OMCs maintaining their prices at the pump to record a national average price of GHC4.14 for petrol and diesel.