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

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

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

    BoG, CSA deepen collaboration to fight cyber threats

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

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

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    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

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

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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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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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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

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Fuel prices to go up slightly in 1st pricing window for Sept. – IES

byBobbie Osei
September 2, 2020
in Oil And Gas, Top Stories
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Consumers of petroleum products are likely to pay a little bit more for the fuel they purchase at the various pumps for the next 2 weeks which is the first pricing window of September. That’s according to Energy think tank, the Institute of Energy Security.

With the demand for fuel now going up as the threat of COVID-19 diminishes fuel prices are beginning to go up slightly.

Speaking to Citi Business News, Raymond Nuworkpor, a Research and Policy Analyst at the IES, said they expect the prices of fuel on the domestic market to go up marginally in the first half of September due to the marginal increase in the prices of international benchmarks like Brent crude and a marginal depreciation of the Cedi against the dollar.

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“Fuel prices on the local market have been stable for the past 8 weeks. However, taking into consideration the appreciation in the price of international benchmark, Brent Crude, that is 2.45%, and refined product – Gasoline, which is also known as Petrol (6.23%), as well as the 0.17% depreciation of the Cedi against the U.S Dollar, we at IES foresee prices of fuel on the local market losing stability, thus consumers may pay an extra pesewa for a litre of Gasoline or Gasoil, that’s Petrol or Diesel.”

“However, competition between Oil Marketing Companies, to control and gain market share could result in the selling price of fuel remaining unchanged within the first pricing window of September, 2020” he added.

 

Price changes

Commercial and private car users started the year buying a litre of Petrol and Diesel for about GHC 5.36 pesewas. 8 months down the line, the same litre of Petrol and Diesel go for about GHC 4.80 pesewas. That represents a drop of about 10.5 percent.

Major influencing factors for the final price consumers pay for fuel at the pumps in Ghana include the world market price of Crude oil, the Cedi-Dollar exchange rate, taxes and levies, and some margins including Petroleum Service Providers Margin.

The world market price for a component such as Brent crude oil has seen its price drop by about 32 percent from January to August, contributing to the overall price drop Ghanaians have seen at the pumps, as well as the price stability in the past 2 months.

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