Fuel prices to stay same or go down marginally – IES

Fuel prices will remain largely unchanged or go down marginally, beginning 16th April, 2022, the Institute for Energy Security (IES) has said.

“For the remainder of April 2022, with the 1.5%-cedi depreciation against the dollar, 1.06% fall in petrol price, 3.65% fall in diesel price, and 3.72% fall in the price of LPG per metric tonne, the IES projects relative stability in the price of fuel on the local market”, it said in a statement.

However, it said “some Oil Marketing Companies (OMCs) may decide to reduce their prices marginally in order to increase their market share”.

During the last price window, prices of petroleum products went down marginally after the cedi regained some relative stability against the dollar, whilst the price of crude oil on the world market dipped.

Petrol sold beyond GH¢9.20 per litre, whereas diesel sold above GH¢10.20 per litre at most Oil Marketing Companies (OMCs).

This was a reduction of 4.37% on the previous average price of GH¢9.80 per liter for petrol and a 3.46% reduction from the previous deisel average price of GH¢10.70 per litre.

World Fuel Market

Prices of finished products monitored on Standard & Poor’s (S&P) Platts platform, saw a reduction in the just ended window. petrol price fell marginally by 1.06%, from its initial price of $1,060.23 per metric tonne to the end date price of $1,049.02 per metric tonne.

Additionally, the price of diesel fell by 3.65%, reaching $1,092.55 per metric tonne from a prior price of $1133.95 per metric tonne.

Liquefied Petroleum Gas (LPG’s) price closed the window at $872.48 per metric tonne from an earlier price of $906.18 per metric tonne on the international fuel market, falling by 3.72%.

Local Forex

Also, data analyzed by the IES Economic Desk within the window reveals that the cedi further depreciated against major trading currencies on the Foreign Exchange (forex) market.

The cedi depreciated further by 1.44% to close at GH¢7.79 to the dollar from the earlier window’s rate of GH¢7.68 to the dollar.

Presently, Brent crude is hovering around $110 per barrel.

Source: Joy Business