Ghanaian News

Fuel prices set to reduce in second half of August, says IES

The Institute for Energy Security (IES) projects that price of fuel on the domestic market at the various pumps are set to dip for the second pricing-window of August 2021.

According to the IES, this is due to the various change in prices of the commodities on the international market is expected to affect local market prices in Ghana.

“For this window, with the 1.49% reduction in the price of the International Benchmark- Brent crude, the 2.17% decrease in price of Gasoline, the 1.77% decrease in Gasoil price and the marginal depreciation of 0.17% of the local currency against the US dollar,” the IES said in a statement.

Local fuel market performance
Monitored on a 15-day rolling basis, the price of fuel on the local Ghanaian market remained stable within the window under assessment.

Price of petroleum products within the first Pricing-window of August 2021 saw the Oil Marketing Companies (OMCs) continue to maintain prices at the pump from the first pricing window of July. The current national average price of fuel per litre at the pump remains pegged at Gh¢5.97 for both Gasoline and Gasoil on account of the relative price stability.

This Pricing-window also saw, Zen Petroleum, Benab Oil, Cash Oil, Goodness Oil, Top Oil and Frimps Oil recorded as the OMCs that sold the least-priced fuel on the local market according to the IES Market-Scan.

World oil market
On the world market, the international benchmark for Ghana, Brent crude saw its price on average terms selling at about US$72.10 per barrel mark representing a 1.49% decrease from the previous window’s average price of US$73.19 per barrel mark.

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