Fuel prices set to reduce in second half of August – IES

The Institute for Energy Security (IES) has announced that fuel prices in Ghana will see some reduction in the second half of August at the various pumps.

The current national average price of fuel per litre at the pump remains pegged at Gh¢5.97 for both Gasoline and Gasoil on account of the relative price stability.

According to IES, its 15-day rolling basis confirmed that the price of fuel on the local Ghanaian market remained stable within the window under assessment.

It noted that prices of petroleum products within the first pricing-window of August 2021 saw the Oil Marketing Companies (OMCs) maintain prices at the pump from the first pricing window of July.

The first pricing-window also saw Zen Petroleum, Benab Oil, Cash Oil, Goodness Oil, Top Oil and Frimps Oil recorded as the OMCs that sold the least-priced fuel on the local market, according to the IES Market-Scan.

Taking into consideration indications on the world market and the cedis performance against foreign currency, IES says prices of fuel in the second window will see a reduction.

“The various change in prices of the commodities on the international market is expected to affect local market prices in Ghana.

“For this window, with the 1.49 percent reduction in the price of the International Benchmark- Brent crude, the 2.17 percent decrease in price of Gasoline, the 1.77 percent decrease in Gasoil price and the marginal depreciation of 0.17 percent of the local currency against the US Dollar; the Institute for Energy Security (IES) projects that price of fuel on the domestic market at the various pumps are set to dip as we enter the second Pricing-Window of August 2021,” part of a release from the IES dated August 15 has said.

IES notes that the downward adjustment may however be offset by the adjustments from the largest local market shareholder, GOIL, TOTAL and Shell.

Find below the full release from IES: