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Fuel to go up – IES

The price of fuel at the pumps is likely to go up on the domestic market in the month of December 2020, the Institute for Energy Security (IES) has said.

In its review of the November pricing window, the IES noted that: “Prices of fuel on the local market remained stable” while “prices of petroleum products within the second pricing window of November 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 GHS 4.61.

For this pricing window, Zen Petroleum, Benab Oil, Star Oil and Alinco Oil sold the lowest price per litre of gasoline and gasoil at the pump,” according to IES’ market scan.

Also, it said data collated by its Economic Desk from the foreign exchange (Forex) market “shows the cedi maintained its stability against the U.S. dollar, still trading at an average price of 5.76 to the dollar over the period.”

“Due to the 11.5% increase in prices of International Benchmark – Brent crude, the 6.94% increase in the prices of gasoline, the 7.26% increase in gasoline prices and the stability of the local currency”, the IES also “projects prices of fuel on the domestic market experiencing a sharp increase” in the month of December 2020. SOURCE : classfmonline.com

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