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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    BoG Governor confident inflation has peaked; expects rate to start declining

    ActionAid Ghana Appoints John Nkaw as Country Director

    BoG’s inflation targeting framework can’t reduce rise in inflation – IEA

    Monetary Policy Rate must be increased to 19% to check inflation – IEA

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

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    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

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    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

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IES predicts 5 to 8% drop in fuel prices from today

byPius Amihere Eduku
March 16, 2020
in Oil And Gas, Top Stories
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The Institute of Energy Security (IES), has predicted about 5 to 8 percent drop in the prices of fuel at the pumps from Monday, March 16, 2020.

It follows the drop in global crude oil prices as well as the relative stability of the cedi, which are two of the major determinants for the prices of fuel at the pumps.

The IES, among other things, premised its projection on the drop in global crude oil prices which slumped to a region of $30 a barrel as at March 9.

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This was triggered by the price war between Saudi Arabia and Russia.

Again, the impact of the coronavirus has led to a drop in global demand for crude oil following a slowdown in economic activities in most countries affected by the pandemic.

For the first pricing window spanning Sunday [March 1, 2020] to Sunday [March 15, 2020], a litre of petrol or gasoline sold for GH¢5.36 pesewas.

This translated into GH¢20.29 pesewas for a gallon of petrol at major Oil Marketing Companies.

Also, a litre of diesel or gasoil for the same period sold for GH¢5.38 pesewas at major OMCs, translating into GH¢20.37 pesewas for a gallon of the product.

Per the calculation put forward by the IES, if OMCs reduce their prices by 5 percent, it means a litre of petrol will be selling for 5 cedis 9 pesewas which will translate into 19 cedis 27 pesewas per gallon.

Similarly, a 5 percent reduction in the price of diesel will mean that consumers should be paying 5 cedis 11 pesewas which will cost 19 cedis 34 pesewas for a gallon of diesel.

However, if the reduction is felt at the upper band of 8 percent, then OMCs will shave off 43 pesewas on a litre of petrol to sell at 4 cedis 93 pesewas.

This will lead to 18 cedis 66 pesewas per gallon.

Also, granted the price of a litre of diesel witnesses a reduction of 8 percent, then the current price of 5 cedis 38 pesewas will drop to 4 cedis 95 pesewas.

This will mean consumers will have to pay 18 cedis 74 pesewas for a gallon of the product.

IES’ prediction is quite different from that of the regulator, the National Petroleum Authority, NPA, which has said that per its calculation, prices may go down by 15 %.

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