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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

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    Citi Business Festival enters final week; forum on agribusiness comes off today

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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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Fuel prices to remain stable in first pricing window in April – IES predicts

byNerteley Nettey
April 16, 2020
in Oil And Gas, Top Stories
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Prices of fuel are to remain stable in the first pricing window of April, 2020, according to the Institute of Energy Security, IES.

In a statement issued by the Institute, they attribute the stability in fuel prices to the fairly modest reduction in prices of Gasoline and Gasoil on the international market, as well as the 2.29% marginal reduction in price of Brent Crude.

“Taking into consideration the relatively modest reduction in prices of Gasoline and Gasoil on the international market, as well as the 2.29% marginal reduction in price of International Benchmark – Brent Crude; the Institute for Energy Security (IES) foresees prices of fuel on the local market remaining largely stable,” the Institute said in a statement.

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“However, competition between Oil Marketing Companies (OMCs) to control and gain more market shares may result in the selling price of fuel falling marginally within the second Pricing-window of April 2020,” the Institute added.

Local Fuel Market

For the pricing-window under review, “Fuel prices experienced reduction across some major Oil Marketing Companies (OMCs) including Shell, Goil, Total Ghana, Puma and Zen Petroleum in line the Institute’s projections,” the statement noted.

It futher noted that, “While Goil, Zen Petroleum, Puma and Total Ghana shaved-off to sell at an average price of Gh¢4.19 for Gasoil and Gasoline, Shell gave away a whopping 16% for Gasoline and Gasoil to sell at Gh¢4.29 per litre; thus making Shell Ghana the OMC with the largest percentage reduction.

“However, the second Pricing-window of February 2020 saw some OMCs maintaining their prices at the pump to record a national average price of Gh¢4.14 for Gasoil and Gasoline,” it added.

Today, the national average price of fuel per litre at the pump stands at Gh¢4.88 and Gh¢4.90 for Gasoline and Gasoil respectively.

Zen Petroleum, Benab Oil, Nick Petroleum, Frimps, Champion and Cash Oil, joined Santol as OMCs that sold the least-priced Gasoline and Gasoil on the local market relative to others in the industry as according to IES Market-scan.

World Oil Market

On the world oil market, earlier in the period under review, crude oil prices remain largely around the $30-margin.

However, from April 3rd, 2020, prices moved above the $30-margin as the market reacted positively towards the scheduled OPEC+ meeting as well as President Donald Trump’s suggestion that he had brokered a deal to end the oil price war.

As a result, Brent crude declined marginally by 2.29% from $30.58 per barrel to close at $29.88 per barrel on average terms during the period under review.

Also, Standard and Poor’s Platts benchmark for fuels indicate average Gasoline price tumbling by 8.59% to close at $193.35 per metric tonne, from a previous average of $211.52 per metric tonne; while Gasoil declined by 5.32% to close trading at $288.38 per metric tonne, from a previous average of $304.57 per metric tonne.

Local Forex

Figures compiled by the Economic Desk from the Foreign Exchange market shows the Cedi depreciating by 0.72% against the U.S. Dollar, trading at an average price of Gh¢5.63 to the U.S. Dollar over the period under review; from a previous rate of Gh¢5.59 recorded in the second Pricing-window of March, 2020.

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