Cedi appreciation: Fuel prices in Ghana to remain unchanged

March 3, 2020 3:49 PM

The Institute of Energy Security (IES) has said that the prices of petroleum products on the local market will remain largely stable in the first pricing window of March.

Cedi appreciation: Fuel prices in Ghana to remain stable

According to the IES, this is due to the relatively stable prices of petrol and diesel on the international market, coupled with the 1.32% upward reverse in the price of International Benchmark - Brent Crude.

However, it said competition between Oil Marketing Companies (OMCs) to control and gain more market shares may result in selling price of fuel falling marginally within the first Pricing-window of March 2020.

Oil prices reverse upward briefly within the second Pricing-window under review as implied demand destruction was less than expected.

The prices fell on Friday, February 21, as OPEC decided not to move its March meeting forward while Russia indicated that it currently has no intentions to cut production further. Brent crude rallied marginally by 1.32% from $55.89 per barrel to close at $56.63 per barrel on average terms during the period under review.

From the Foreign Exchange Market, the cedi appreciated by 5.8% against the U.S. dollar, trading at an average price of Gh¢5.34 to the U.S.

This is as well contributed to the reduction in the prices of petroleum products in the country.