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    Recent downgrades by S&P, Fitch ratings on Ghana unfair – African Peer Review Mechanism

    Private sector critical to renewable energy target- sector ministry

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

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    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

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Fuel prices to go up between 3% – 5% – IES predicts

byBobbie Osei
December 3, 2020
in News, Oil And Gas, Top Stories, Transport
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The Institute for Energy Security, IES, is predicting a 3% – 5% increase in both petrol and diesel prices at the pumps within the first 2 weeks of December, which makes up the first pricing window of the month.

The energy think tank attributes the expected jump in fuel prices to a number of factors including optimism around the development of effective COVID-19 vaccines, a loosening of restrictions in parts of Europe as well as the hopes of an extension of the period for production cuts by OPEC-plus countries to at least the first quarter of 2021.

The above development have pushed Brent crude oil price to around $ 48 dollars, its highest level since March this year.

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Fritz Moses is a research analyst with IES and he has been speaking to Citi Business news on their analysis on fuel prices for the next 2 weeks.

“Over the last 2 weeks we have seen prices of Brent crude rising on the international market as a result of the developments around the vaccine, the US elections as well as expected production cuts by OPEC+ countries.”

“On the impact at the pumps in Ghana, we hope prices per our projections do not go beyond GHS 4.80 per liter for petrol and diesel for the top three OMC’s in Ghana, that is Goil, Total and Shell,” he added.

 

Apply petroleum stabilization levy to ensure transport fares remain stable

The Institute for Energy Security, IES, says it doesn’t expect the 3 – 5 % increase in fuel prices it’s predicting at the pumps in the first pricing window of December, to lead to an increase in transport fares.

The energy think tank says the expected jump in fuel prices can be attributes to a number of factors including optimism around the development of effective COVID-19 vaccines, a loosening of restrictions in parts of Europe as well as the hopes of an extension of the period for production cuts by OPEC-plus countries to at least the first quarter of 2021.

Speaking to Citi Business News on the expected increase in the price of petrol and diesel Fritz Moses a research analyst with the IES said government should be ready to apply the price stabilization levy to avert any possible increase in transport fares.

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