Fuel prices remained steady for the past two pricing windows, but expect to see a slight increase in coming weeks, the Institute of Energy Security (IES) reported Monday.
Experts at IES predicted prices would reduce from oil marketing companies, but marketers complained about depressed margins, which led to its stability. Both gasoline and gasoil continue to sell at GH¢4.85 and GH¢4.83, respectively.
World Oil Market Prices Brent Crude recorded a sharp rise at $79 per barrel, but that number plummeted just before the pricing window closed in Ghana Wednesday. It is the biggest one-day decline in more than two years.
As of Monday, Alinco Oil, Frimps Oil, Pacific, Zen Petroleum, Benab Oil, Pacific, and Lucky Oil offer the lowest-priced fuel.
“The decline was prompted by news of Libya’s National Oil Company lifting force majeure on four oil ports, and on widespread weakness in commodity markets,” wrote research analyst Mikdad Mohammed in a press release.
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The average crude price currently stands at $77.52 per barrel, a slight uptick from $75.16 in the last pricing-window.
According to Standard and Poor’s Global Platts assessment, gasoline sells at roughly $730 per metric tonne.
Figures also show the cedi depreciated by 1.92%. One dollar goes for GH¢4.80 compared to GH¢4.68 in the last pricing window, according to local forexes and Fuel Stock IES’ Economic Desk.
“The potential fuel price increment on the local market can, however, be forestalled or mitigated should the National Petroleum Authority (NPA) kick in the Price Stabilization and Recovery Levy mechanism,” the press release states.