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Business News of Wednesday, 21 October 2020

Source: www.ghanaweb.com

IES forecasts fuel stability in second half of October 2020

Fuel prices at various pumps are expected to remain stable in the second half of October 2020, the Institute for Energy Security (IES) is predicting.

According to the institute, overall performance of the fuel market is likely to remain stable within the pricing window under review.

“Prices of petroleum products within the first Pricing-window of October 2020 saw the majority of Oil Marketing Companies (OMCs) maintaining prices of Gasoline and Gasoil. The current national average price of fuel per litre at the pump is pegged at GH¢4.77,” the IES said in a statement.

“For this pricing window, Benab Oil, Nick Petroleum, Frimps, Radiance, Santol, Champion and Cash Oil, joined Zen Petroleum as OMCs that sold the least-priced Gasoline and Gasoil on the local market relative to others in the industry as found by IES Market scan,” the IES added.

Meanwhile on the global oil market, Brent crude price averaged about US$41.90 per barrel for the pricing window under valuation.

The IES on its part, touching on the local forex explained data collected from the Foreign Exchange (Forex) market, indicates the Cedi sustained its position against the U.S. Dollar, still trading at an average price of GH¢5.75 to the U.S. Dollar over the period.

“Owing to the 0.78% decrease in the price of international benchmark Brent crude oil on the international market, the 2.36% increase in Gasoline prices and the 2.64% increment in prices of Gasoil; the IES foresees prices of products on the domestic market remaining stable as we enter the second half of October 2020. We expect the Oil Marketing Companies (OMCs) to maintain prices from the previous window,” the IES noted.

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