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Fuel prices to drop in second pricing window in March

FUEL-STATION

The Institute for Energy Security (IES) is predicting at least a 3% fall in fuel prices for the second pricing window in March.

The IES is basing the fall on the drop in prices of petroleum products on the world market.

They also believe there has been a relative stability in the forex exchange market which reflects on the fuel prices.

Fuel prices have since the beginning of the year shot up by between 4% and 11%.

This has compelled some transport operators to increase transport charges despite opposition from the mother transport unions.

In an interview with Citi Business News, Principal Research Analyst at the IES, Richmond Rockson called on the various Oil Marketing Companies to effect the changes at the pumps in line with the oil market fundamentals.

“When you look at the crude oil price, the crude oil price as compared to the last window fell from about $56 to $53.5 per barrel, that’s around a 4% drop. When you also look at last prices for gasoline, what we popularly call petrol; it also fell by about 6.75%.”

“Our dollar has also appreciated from the figures we have from the banking sector. So putting all these things together, all indications show that prices are supposed to drop and we expect it to drop by about 3%.” he said.

He added that “we want to call on the oil marketing companies that by the fundamentals prices are supposed to go down by at least 3% and that the haste they use to change their prices when all indications how it should go up, we expect that they also use the same haste to change the prices at the pumps.”

By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana.

Ghana Business News