Prices of fuel to remain stable due to Cedi appreciation- IES
Prices of Petroleum Products at the pumps are expected to remain stable in the coming days owing to the relatively stability of the cedi against its major trading currencies. That’s the position of the Institute of Energy Security (IES).
According to the Energy Think Tank, by virtue of relative stability in prices of Brent crude, Gasoline and Gasoil on the International Market finds prices of fuel on the local Market remaining largely fixed.
Mr Raymond Nuwokpor, a Research and Policy Analyst at IES, said in a statement that prices of petroleum products remained largely stable in the pricing window under review against expected increases based on market valuables.
The majority of the oil marketing companies (OMCs) including market leader Goil, maintained the prices of gasoline and gasoil within the period.
As a result, the average national price per litre stands at GHS4.80 for both gasoline and gasoil.
“Collated data by the IES' Economic Desk from the Foreign Exchange (Forex) market show that the cedi appreciated by 0.35% against the US dollar, trading at an average price of GHS5.73 over the period under assessment.
“By virtue of relative stability in the prices of Brent crude, gasoline and gasoil on the international market, IES finds prices of fuel on the local market remaining largely fixed".
“The price stability projection is reinforced by the 0.35% appreciation of the local currency against the US Dollar, the major trading currency,” the statement said.
Source: ClassFMonline.com
Trending Business
Newly constituted TOR Board inaugurated
09:57Herbert Krapa is new ECG Board Chairman
09:41IMF prog.: Election year difficult but we’ll stay the course – Finance Minister
03:28Keli Gadzekpo resigns as ECG Board Chair as dumsor bites
03:12We’ll not be misled for the third time with your sudden found voice – IEAG to Bawumia
09:07BoG has failed us so we’re hitting the streets again – Locked-up investment holders
03:24Blame 22 taxes, levies for hefty port charges not us – GPHA D-G says, ‘We charge just 10% of clearing cost’
02:28Tax amnesty: You can’t survive on Bawumia’s promise – Adongo to businesses
11:562024: Ghana’s Gross Int'l Reserves rise 9.99% in first two months
11:27Mobile money transactions for first two months hit ¢394.2bn
11:11