Fuel prices at pumps to marginally increase in June – IES predicts

The Institute for Energy Security (IES) is predicting a marginal increase in fuel prices at the pumps in Ghana in the first pricing window of June 2021.

The price of fuel on the local market remained stable in May despite an expected marginal increase by the Oil Marketing Companies (OMCs) at the start of the pricing window.

Currently, the national average price of fuel per litre at the pump still remains pegged at Gh¢5.78 for both products.

Taking into consideration variables on the international market including 1.05% increase in the price of Gasoline, the 2.66% increase in Gasoil price, and the cedi depreciation of 0.35% against the US Dollar, the IES says it foresees a marginal increase in the price of fuel in the first pricing window of June 2021.

“With the 3.50% increase in price of the International Benchmark-Brent crude together with the 1.05% increase in price of Gasoline, the 2.66% increase in Gasoil price, and the cedi depreciation of 0.35% against the US Dollar; IES predicts that OMCs in Ghana may increase fuel prices marginally at the pump due to these international market variables as we enter June 2021, particularly for those that maintained their prices at the pump from the first pricing-window of May through to the end of the second pricing-window,” part of an IES release signed by Research Analyst Fritz Moses said on Monday.

Meanwhile, the IES indicates that due to the market leadership role played by GOIL and a few others, and with the aim of increasing market share, OMCs may opt to maintain the current prices at the pump.

Below is the full release from IES:
Ies May 21 Second Pricing Window- Review.docx

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