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

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.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Fred Obachi Machoka’s heartfelt message to his wife of 41 years [Photos]

Fred Obachi Machoka’s heartfelt message to his wife of 41 years [Photos]

Where is Mr Tembo? Ex-Tahidi High principal resurfaces [Video]

Where is Mr Tembo? Ex-Tahidi High principal resurfaces [Video]

Zari Hassan lectures Tanzanians over her viral black innerwear video

Zari Hassan lectures Tanzanians over her viral black innerwear video

Diana Marua hospitalized, Bahati gives update [Photos]

Diana Marua hospitalized, Bahati gives update [Photos]

Betty Kyallo shares photos of the first Subaru she bought after joining KTN

Betty Kyallo shares photos of the first Subaru she bought after joining KTN

North Korean man who smuggled 'Squid Game' into the country to be sentenced to death

North Korean man who smuggled 'Squid Game' into the country to be sentenced to death

Yvette Obura’s heartwarming message to Diana Marua excites Kenyans

Yvette Obura’s heartwarming message to Diana Marua excites Kenyans

Emotional Harmonize exposes Diamond as their beef heats up [Video]

Emotional Harmonize exposes Diamond as their beef heats up [Video]

Nick Ndeda talks relationship with Betty Kyallo & why he keeps his kids private

Nick Ndeda talks relationship with Betty Kyallo & why he keeps his kids private