The Institute
for Energy Security (IES) is forecasting a 2% to 5% decrease in fuel prices in
the first pricing window in April.
According to
IES, Liquefied Petroleum Gas will be the biggest gainer, with a 9% decrease in price.
IES Research
Analyst, Adam Yakubu, speaking to Citi News said, this development is due to
the drop in the price of crude oil on the international market, as well as the
stability of the cedi against major trading currencies such as the US dollar.
“LPG has seen
the biggest fall in price in closing the window. What will this mean for the
domestic consumers of petroleum products? [It means that] within the market, we
are looking at a slight drop between 2 and 5 percent across. LPG can do about a
nine percent reduction. So, for the next two weeks, we project that the prices
of these products will reduce”, he said.
In March,
industry players expected petrol Retail prices to drop by 3.73% from the then
current Mean value of GHS14.20/L.
With the
International price decreasing from $854.00/MT to $809.38/MT (-5.22%), and the
increase in the Dollar rate, the expected mean retail price for the next window
was said to be GHS13.98/L
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