Fuel prices to remain same
Prices of fuel on the local market will remain largely unchanged between now and the end of the month.
According to the Institute of Energy Securities, this is due to marginal depreciation of the local currency (cedi) to the US dollar.
Data collected by the IES economic desk also indicates that the cedi depreciated by 0.89% against the dollar in the last two weeks to sell at GHS5.68.
“Going by the 5.31% and 17.96% appreciation in prices of Crude oil and Gasoline respectively, and
the fact that Gasoil tumbled by 8.14% on the international market; the Institute for Energy Security (IES) foresees prices of fuel on the local market remaining largely unchanged in the second Pricing-window of May, 2020,” the IES said in its forecast for the second half of the year.
During the last pricing window which ends today Friday, May 15, 2020, the various Oil Marketing Companies reduced their ex-pump prices by about 5%. A litre each of petrol and diesel went for for GHS4.6 on the average.
Santol, Benab, Nick Petroleum, Champion and Cash
Oil joined Zen Petroleum as OMCs with the least rates for petrol and diesel.
GOIL, Shell, Petrosol, Puma and Total trimmed their prices to sell at an average price of GHS4.01 for diesel and GHS4.03 for petrol.