Fuel price in a free fall as cedi records remarkable gains
Energy think tank Institute for Energy Security (IES) says with the continued price falls of fuel recorded on the international market, consumers are set to see further price relief at the local pumps.
The energy analysts predicted that on the back of 9.02percent, 8.08percent and the 7.38percent fall in prices of Gasoline, Gasoil and LPG respectively, the domestic Oil Marketing Companies outlets are set to reduce their prices further.
The expected price drops, according to the IES, would be significant due to the 6.60percent appreciation of the cedi against the US dollar.
The IES foresees the price of the various finished products reducing between 9percent to15percent, the institute said.
“This means the new prices will fall around Gh¢13 and Gh¢16 per litre for Gasoline and Gasoil respectively, and Gh¢12 per kilogram for LPG,” the institute said in its recent analysis.
The first pricing-window of December 2022 saw international market price falls reflecting on the domestic fuel market positively at all Oil Marketing Companies (OMC) outlets monitored by the Institute for Energy Security (IES).
The price reductions seen over the first half of December 2022 pegs the national average price per litre of Gasoline at Gh¢15.16 from Gh¢16.31, representing a 7.05% reduction over the period.
Gasoil’s national average price per litre moved from Gh¢19.86 to Gh¢18.78; falling by roughly 5.44%.
In the pricing window under review, the IES MarketScan picked Shell/Vivo, TotalEnergies, Engen, Sel and Goil as OMCs with the highest-priced fuel on the market. Star Oil, Benab Oil, Zen Petroleum, and Goodness Oil were spotted as some of the OMCs with the least-priced fuel on the market.
Data from the IES Economic Desk as captured from the foreign exchange (Forex) market over
the last two weeks, shows the local currency made gains, appreciating by 6.60% against the US
The rate at close of the period under assessment was Gh¢14.03 to the US dollar from the
previous rate of Gh¢14.96, to the US Dollar.