The Institute for Energy Security (IES) is projecting a marginal drop in the prices of fuel for the second pricing window in February.
IES projects the
price of Gasoil to drop by about 4.26% from GH¢15.90 to about GH¢15.25 in the
second week of the pricing window.
The price of
liquefied petroleum gas is also expected to be pegged at GH¢13.51 per kilogram
across the various LPG stations across the country during the pricing window
under review.
The changes in
the price of gasoil according to the monitoring conducted by IES are largely a
result of the directives by the National Petroleum Authority for a price
adjustment to reflect the government’s Gold for Oil Policy.
Ghana has
recently been hit with high oil prices which triggered the government to come
up with the Gold for Oil Policy aimed at ensuring regular and affordable supply
of oil.
World oil market
The
international crude oil benchmark Brent fell to about $82.89 per barrel on
average terms from a previous average rate of $86.14 per barrel.
This represented
a 3.77% fall in average price over the last two weeks. The window saw the price
drop to about $79.72 per barrel at close of trading day February 5, after which
price has seen slow increases and closed the window trading day at about $86.39
on February 10, 2023.
This largely was
attributed to rebound of China’s Oil demand after review of COVID 19
restrictions.
Fuel market
performance
The first
pricing-window for February 2023 saw price increases for petroleum products on
the domestic market. The first week saw prices increased by some 12.30% and
3.5% for petrol and diesel respectively.
The IES
monitoring of various Oil Marketing Companies (OMCs) for the pricing-window
under review saw the price of diesel dropped by about 4.26%, from ¢15.90 to
about ¢15.25 in the second week of the pricing-window as a government
intervention to set the price.
At the close of
the pricing-window, the national average of petrol and diesel stood at about
¢15.20 and ¢15.30 respectively.
The national
average price of liquefied petroleum gas (LPG) as monitored on various LPG
Marketing Companies (LPGMCs) is pegged at Gh¢13.51 per kilogramme.
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