Ghana: Fuel Prices To Remain Largely Stable In August-IES

Consumers of petroleum products in the Republic of Ghana will continue to enjoy stable prices of gasoline and gasoil as witnessed in the just ended pricing window.

The average national price per litre of both gasoil and gasoline has stood at GH¢4.80 since July 16.

The current prices are likely to remain unchanged for the next two weeks.

In July, Brent crude sold above the US$44 per barrel for the first time since March 6 when the price tussle between Saudi Arabia and Russia started, but could not break into the US$45 per barrel mark.

In a statement issued by the Institute for Energy Security (IES), it said the positive gain in price can be attributed to the continuous lessening of restrictions in economic activities around the world.

“Following this, Brent crude appreciated by 2.02 percent from US$42.59 per barrel recorded at the end of the first half of July to close at US$43.45 per barrel on average terms at the end of the second half of the month of July 2020,” it added.

S&P’s Platts benchmark revealed average gasoline price gained 1.15 percent to close at US$395.23 per metric tonne from a previous average of US$390.73 per metric tonne. However, the price of gasoil declined by almost 2.8 percent to close trading at US$371.85 per metric tonne from a previous average of US$361.80 per metric tonne over the two weeks’ trading session.

Collated data by the IES Economic Desk from the Foreign Exchange (Forex) market shows the cedi appreciated by 0.35 percent against the U.S. Dollar, trading at an average price of Gh¢5.73 over the period under assessment.

“By virtue of relative stability in prices of Brent crude, gasoline and gasoil on the international market, the Institute for Energy Security (IES) finds prices of fuel on the local market remaining largely fixed. The price stability projection is reinforced by the 0.35 percent appreciation of the local currency against the U.S Dollar, the major trading currency.”

Source:www.energynewsafrica.com