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Prices of fuel likely to remain stable in 2nd pricing window in July - IES

Principal Research Analyst at IES Richmond Rockson explained that the cedi to dollar exchange rate and the country’s stock level which is around 185 million litres are reasons for this assertion.

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This is according to the Institute of Energy Security (IES).

“The crude oil price in the world market, you look at the benchmark for finished product, you also look at the Cedi to dollar exchange rate and take into consideration the stock level that we have in the country which is around 185 million litres which meets three weeks of national demand.”

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In the first pricing window of July, IES predicted 2% drop in fuel.

Speaking to Accra-based Citi FM, Rockson said the prices of fuel will remain unchanged.

The cedi currently keeps depreciating against the dollar. It has moved from an average of 3.46 pesewas to 4.39 pesewas. The crude oil price was fairly stable on the world market.

“Bringing all these factors together, we believe prices on the markets in this particular window are expected to be fairly stable.”

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