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IES: Fuel prices to remain stable

The prices of fuel on the local market remained stable within the second pricing window of October 2020, according to the Institute of Energy Security (IES).

The majority of the Oil Marketing Companies (OMCs) maintained their prices of Gasoline and Gasoil within that period.

The current national average price of fuel per litre at the pump is pegged at GHS 4.53.

For this pricing window, Zen Petroleum, Benab Oil, SO Energy and Alinco Oil sold the least-priced Gasoline and Gasoil on the local market, according to IES’ market scan.

World Oil Market

Brent crude price averaged about $42.38 per barrel mark for the pricing window under assessment.

The crude price increase has been a result of the announcement by OPEC+ to ease production cuts by 2 million barrels per day (bpd) as of January 2021.

Following this, Brent crude price appreciated by 1.15% from an earlier average price of $41.90 per barrel recorded at the end of the first pricing window of October to close at $42.38 per barrel on average terms at the end of the second pricing window of October.

Gasoline and Gasoil prices monitored on Standard and Poor’s global Platts platform show an increase in prices of Gasoil and a decrease in prices of Gasoline.

Gasoline saw a decrease in prices by 5.08% to close the window at $381.07 per metric tonne from an earlier $401.48 per metric tonne.

Gasoil prices saw an increase by 1.82% to close trading at $334.02 per metric tonne from $328.05 at the end of the second pricing window.

Local Forex

Data collated by IES’ Economic Desk from the Foreign Exchange (Forex) market show the Ghana cedi depreciated marginally against the U.S. dollar, trading at an average price of GHS5.77 to the U.S. dollar over the period compared to GHS5.75 in the previous window, representing a 0.35% depreciation.

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