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Business News of Saturday, 1 August 2020

Source: Class FM

Cedi gains against the US dollar – IES

The Institute for Energy Security (IES) has noted that figures collated by its economic indicate that the cedis appreciated against the US Dollar by 0.35 per cent.

This, according to the IES, affected crude oil prices to remain fairly stable over the period.

Raymond Nuwokoor, Research and Policy Analysts at the IES said in a statement that Prices of Petroleum products remained largely stabled in pricing window under review against expected increase Based on markets valuables.

Majority of the oil marketing companies (OMCs) including Market leader Goil maintained the prices of Gasoline and gasoil within the period.

As a result the average national price per litre stands at GHS4.80 for both gasoline and gasoil.

“Collated data by the IES Economic Desk from the Foreign Exchange (Forex) market show that the cedi appreciated by 0.35% against the US dollar, trading at an average prices of GHS5.73 over the period under assessment.

“By virtue of relate stability in prices of brent crude, Gasoline and Gasoil on the international market the Institute for Energy finds prices of fuel on the local market remaining largely fixed.

“The price stability projection is reinforced by 0.35% appreciation of the local currency against the US Dollar, the major trading currency,” the statement said.

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