Fuel prices to rise slightly in the 1st half of September – IES

The Institute of Energy Security (IES) is predicting a slight rise in fuel prices in the first half of September 2020.

The IES explained that this is so because “taking into consideration the appreciation in the prices of International Benchmark – Brent Crude (2.45%) and refined product – Gasoline (6.23%) as well the 0.17% depreciation of the Cedi against the U.S. Dollar; it foresees prices of fuel on the local market losing stability and going up marginally.

However, competition between Oil Marketing Companies (OMCs) to control and gain market shares could result in the selling price of fuels remaining unchanged within the first pricing-window of September 2020.

IES said fuel prices on the local market remained stable in the pricing-window under review.

Petroleum product prices within the second pricing-window of August 2020 saw majority of the OMCs maintaining the prices of gasoline and gasoil.

The current national average price of fuel per litre at the pump is pegged at GHS4.80 for both gasoline and gasoil.

Over the past two weeks, Santol, Benab Oil, Nick Petroleum, Radiance, Champion and Cash Oil, joined Zen Petroleum as the OMCs spotted by IES’ market scan, as trading with the least rates for gasoline and gasoil within the downstream oil market.

In the world oil market, Brent crude price remained above the $44 per barrel mark for the pricing-window under assessment.

On 25 August, Brent crude rose to $45.86 a barrel, the highest since March 6th.

This steady gain, according to Raymond Nuworkpor, Research & Policy Analyst of IES, can be attributed to declining inventories, recovery on the stock market and the continuous easing of restrictions on economic activities around the world.

Following this, he said Brent crude appreciated by 2.45% from $44.13 per barrel recorded at the end of the first pricing window of August to close at $45.21 per barrel on average terms at end of the second pricing window in August 2020.

“S&P’s Platts benchmark for fuels shows average gasoline price appreciated by 6.23% to close at $407.86 per metric tonne, from a previous average of $383.94 per metric tonne. Meanwhile, gasoil declined by 0.11% to close trading at $370.55 per metric tonne, from a previous average of $370.96 per metric tonne.”

Touching on local forex, data collated by IES Economic Desk from the Foreign Exchange (Forex) market shows the cedi depreciated by 0.17% against the U.S. Dollar, trading at an average price of GHS5.74 to the U.S. Dollar over the period, from a previous rate of GHS5.73 recorded in the first Pricing-window of August 2020.

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