The Institute for Energy Security (IES) has stated that there is a high tendency fuel prices may not change despite fears of an increment in the coming days.
According to IES, figures show the cedi has experienced a marginal appreciation against the trading currency.
The dollar is going for GHS4.80 currently as against GHS4.83 in the last pricing window.
Giving a breakdown of the local market performance, IES stated that although prices of fuel at the pumps experienced a 2 percent hike in the window under review, some subsidiaries sell at the lowest.
The IES Market-scan showed that Benab Oil sells the lowest-priced fuel on the market relative to other OMCs; followed by Frimps Oil and Zen Petroleumadding that other relatively low cost fuels can be sourced from Pacific Oil, Lucky Oil and Alinco Oil.
With the cedi making some gains against the dollar, the Institute projects that prices at the pump will remain relatively.
Below is a full report of the Review of the August Second Pricing-Window;
FUEL PRICES NOT EXPECTED TO CHANGE
REVIEW OF AUGUST SECOND PRICING-WINDOW
Local Fuel Market Performance
Prices of fuel at the pumps experienced a 2 percent increment in the window under review.
Gasoline and Gasoil average prices of GHS4.85 per litre increased to GHS4.95 litre during the first weekend of the window.
Gasoline and Gasoil prices were later readjusted to GHS4.90 and GHS4.94 respectively across all the major Oil Marketing Companies (OMCs).
Current national average prices of both Gasoline and Gasoil at the pump is GHS4.89 and GHS4.93 respectively.
IES Market-scan shows Benab Oil sells the lowest-priced fuel on the market relative to other OMCs; followed by Frimps Oil and Zen Petroleum. Other relatively low cost fuel can be sourced from Pacific Oil, Lucky Oil and Alinco Oil.
World Oil Market Prices
Brent Crude spot price saw an increment form its previous trading price of US$72.81 per barrel to US$76.02 per barrel within the window.
Average Brent crude however reduced slightly from US$73.43 per barrel to US$73.03 per barrel.
This is explained by the fact that the global crude benchmark hit the US$70 price its biggest spot price decline in more than three months.
For finished products, Gasoline went down by 0.18 percent while Gasoil also went up by 0.10 percent closing trading respectively at US$735.18 per metric tonne and US$653.55 per metric tonne according to Standard and Poor’s Global Platts analysis.
Local Forex and Fuel Stock
IES economic Desk figures show the cedi has experienced a marginal appreciation against the trading currency, the US dollar.
The dollar is going for GHS4.80 currently as against GHS4.83 in the last pricing window. Across the various fuel terminals in the country, no gasoil was received over the period.
An amount of 43,600 metric tons of gasoline and 6,300 metric tons of LPG was offloaded.
OUR PROJECTIONS FOR SEPTEMBER 2018 FIRST PRICING-WINDOW
Despite the rise in price of Brent crude on the international market, prices of finished products have experienced slight reduction in the case of Gasoline and a very marginal increment less than 0.2 percent in the case of Gasoil.
With the cedi making some gains against the dollar, the Institute projects that prices at the pump will remain relatively stable.