[ 2017-05-17 ]

Fuel prices to drop in 2nd pricing window of May – IES
The Institute of Energy Security (IES) has
predicted an average drop of 1.03% percent in fuel
prices for the second pricing window.

According to IES, current developments across the
globe indicate that fuel prices will drop slightly
for the next pricing window in May.

World Oil Market Indices for Benchmark Brent crude
prices have been falling virtually every day for
the past 15 days which has reflected in some fuel
stations. Checks by the institution show that the
average price for Gasoline and Gasoil is GH3. 94
and GH3.90 respectively.

Principal Research Analyst at the institute of
Energy Security, Richmond Rockson who spoke to
Citi Business News said prices for petroleum
products will continue to drop for the second
pricing window in May.

“Going forward we should expect prices to come
down that is in this current window but in the
month of June that is the first window it will
depend on how strong the Ghana cedi is because
when you look at the world market prices are said
to stabilize for a while because production is
still on going like in the United States oil
production is still ongoing.”

Richmond Rockson however said the prices for
petroleum products in June will depend solely on
the strength of the cedi.

Basis for projections

With crude oil price falling by over 5%, Gasoline
and Gasoil prices dropping by approximately 8%,
fuel stocks capable of meeting over 4 weeks of
national demand, and the Ghana cedi remaining
fairly stable against the U.S. dollar consumers
can expect to get a break at the fuel pump.

Industry response

The local fuel prices recorded an average drop in
1.03% on Gasoline and Gasoil combined, during the
first 15 days of the month of May 2017.

Shell, Total, Goil, Puma, Lucky Oil and Frimps Oil
were among the few Oil Marketing Companies (OMCs)
to effect price drops at the pump over the past
weekend due to competition for market shares.

Source - citibsinessnews.com

... go Back