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The Institute for Energy Security (IES) foresees a slight increase in fuel prices in the first half of September 2020.
The IES explained that this is due to the fact that “considering the appreciation of the prices of the International Benchmark – Brent Crude (2.45%) and refined product – Gasoline (6.23%) as well as the depreciation of 0.17% of the Cedi against the US dollar; it expects fuel prices in the local market to lose stability and rise marginally.
However, competition between the Petroleum Trading Companies (OMC) to control and gain market share could result in the sale price of fuels remaining unchanged within the first price window of September 2020.
IES said that fuel prices in the local market remained stable in the window of prices under review.
The prices of petroleum products within the second price window of August 2020 saw most of the OMCs holding the prices of gasoline and diesel.
The current national average price of fuel per liter at the pump is set at GHS4.80 for both gasoline and diesel.
During the last two weeks, Santol, Benab Oil, Nick Petroleum, Radiance, Champion and Cash Oil joined Zen Petroleum as the OMCs detected by the IES market analysis, as operations with the lowest rates of gasoline and diesel in the descending oil market.
In the world oil market, the price of Brent crude oil remained above the $ 44 per barrel mark for the window of prices under evaluation.
On August 25, Brent crude rose to $ 45.86 a barrel, the highest level since March 6.
This steady gain, according to Raymond Nuworkpor, a research and policy analyst at IES, can be attributed to declining inventories, the recovery of the stock market and the continued relaxation of restrictions on economic activities around the world.
After this, he said that Brent crude appreciated 2.45% from the $ 44.13 per barrel registered at the end of the first August price window to close at $ 45.21 per barrel in average terms at the end of the second price window in August 2020.
“The S&P Platts benchmark for fuels shows that the average price of gasoline appreciated 6.23% to close at $ 407.86 per metric ton, from a previous average of $ 383.94 per metric ton. Meanwhile, diesel was down 0.11% to close trade at $ 370.55 per metric ton, from a previous average of $ 370.96 per metric ton. “
Regarding local currencies, data compiled by the IES Economic Desk of the foreign exchange (Forex) market shows that the cedi depreciated 0.17% against the US dollar, trading at an average price of GHS5.74 per US dollar during the period, from a previous rate of GHS5.73 recorded in the first price window of August 2020.
Source: myjoyonline.com
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