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Fuel prices in Ghana to increase as prices of Brent crude and Gasoil on the international market rise

A research analyst at the Institute of Energy Security (IES), Mikdad Mohammed, has projected that Ghanaians will experience an increment in fuel prices in the second pricing window of April 2019.

Fuel prices in Ghana to increase as prices of Brent crude and Gasoil on the international market rise

This is due to an increment in the prices of Brent crude and gasoline on the international market.

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“Considering the fact that average Brent crude price has gone up by 3.98% with a corresponding 12.97% increment in the price of Gasoline and 1.42% for Gasoil on the International market, the IES foresees a slight increment in the price of fuel on the market,” IES Research Analyst said.

This according to the IES will trigger most Oil Marketing Companies (OMCs) to take advantage of the window to make up for previously depressed margins.

Mikdad Mohammed who made the revelation through a statement he released noted that the rise in the prices will occur “irrespective of the 2.5% appreciation of the Ghana Cedi against the dollar” under the period of review which covers the first pricing window of April 2019.

Per the Institute’s market scan, Gas oil and Gasoline continue to be sold on average terms at GH₵5.12 and GH₵5.15 respectively.

However, some OMCs could keep prices unchanged in order to maintain market share as part of the deregulation policy.

Star Oil, Pacific Oil, and Benab Oil sell the least-priced fuel on the market relative to other OMCs. Fuel from these outlets is 3% lower than the national average fuel price.

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