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Fuel Prices IES predicts fuel prices to go up

In a statement issued by the Research Analyst of IES, Mikdad Mohammed said the Oil Marketing Companies can keep prices stable but "the institute projects that fuel prices will cross GHS5 per litre.”

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The Institute for Energy Security (IES) has predicted that prices of fuel at the pumps in the country will go above the GHS5 per litre mark in the second pricing window of September 2018.

In a statement issued by the Research Analyst of IES, Mikdad Mohammed said the Oil Marketing Companies may keep prices stable but they predict an increase.

“While it remains a viable possibility that competition over market volumes could see some Oil Marketing Companies (OMCs) keep prices stable, the institute projects that fuel prices will cross GHS5 per litre.”

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The statement added that every single indicator IES examined pointed to an increase in local fuel prices.

“Average Brent crude price is up by 6.2%; finished product prices have shot up by 1.64% and 5.01% for gasoline and gasoil, respectively. The cedi has depreciated by over 3% against the dollar within the period.”

“The Cedi, which sold at GHS4.80 at the last window, is currently selling at GHS4.95. Despite initial challenges with a loading arm leakage and a TOR-Sahara inter-depot product transfer over the past pricing window that led to delays and change in discharge schedules, the country received 12,000 metric tonnes of LPG, 21,300 metric tonnes of gasoline, 30,000 metric tonnes of gasoil and 18,000 metric tonnes of ATK,” the release added.

The IES called on the government to scrap some petroleum levies and taxes in order to save consumers from the effect of the price hike.

READ ALSO: We're better cedi managers than NDC - Bawumia

“It is our considered proposition that given how ineffective the Price Stabilisation and Recovery Levy (PSRL) under the National Petroleum Authority (NPA) has been in stabilising fuel prices at the pumps, there is the need for government to take a strong decision on scrapping the Special Petroleum Tax in the Price Build-Up (PBU) to provide relief to the Ghanaian public.”

On the performance of the local fuel market, IES said the first window in September saw prices of gasoline and gasoil remain unchanged, as the IES had projected earlier.

“Current national average prices of both gasoline and gasoil at the pump are GHS4.90 and GHS4.93, respectively. IES’ Market scan shows Fraga, Benab, Frimps Oil, Zen Petroleum, Lucky Oil, and Alinco Oil, among others, sell the lowest-priced fuel on the market relative to other OMCs”.

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