[ 2017-03-31 ]

Fuel prices to drop by 2 percent in April
The Institute for Energy Security (IES) has
predicted a further drop of fuel prices by about
2% in the 1st pricing window of April.

The Institute believes the drop could be
attributed to the removal of Excise Levy and the
review of the Special Petroleum tax which has been
moved from 17.5% to 15% by the government.

Checks by Citi Business News also reveal that some
Oil Marketing Companies have reduced their fuel
prices.

Goil for instance has reduced both petrol and
diesel by 5 pesewas per litre.

In an interview with Citi Business News, Principal
Research Analyst at IES, Richmond Rockson said
they are confident the reduction will soon reflect
in the prices of the various OMC’s.

“There are very favorable conditions. When you
look at the cedi to dollar exchange rate; the cedi
has been doing relatively well as compared to the
previous window. The cedi as at the time we put
the statement together was 4 cedis, 33 pesewas, on
an average from the previous average of 4 cedis,
52 pesewas.”

“When you also look at prices of crude oil it
has gone down on the world market from a previous
average of 53.5 dollars per barrel to 51.5 dollars
per barrel.

When you look at prices for finished products for
both diesel and petrol and gasoline, they also
dropped by 5.90%. Therefore we can predict
confidently that this time round prices are going
to fall again.” he stated.

The IES earlier predicted at least a 3% fall in
fuel prices for the second pricing window in
March.

They then based the fall on the drop in prices of
petroleum products on the world market as well as
the relative stability in the forex exchange
market.

Source - citibsinessnews.com

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