Fuel
Fuel

Fuel prices in Ghana will head down in the first pricing-window of March 2018, the Institute for Energy Security (IES), an energy think tank says.

A statement released here late Tuesday signed by Richmond Rockson, Principal Research Analyst said the development could be attributed to the stability of the local currency against the United States Dollar (USD) and the reduction of the Special Petroleum Tax by the government from 15% to 13%, which has been made a specific tax of GH₵46.

The reduction of fuel prices, the think tank observed would offer relief to petroleum consumers across the country.

“On the basis of the stability of the local currency, the over 6% reduction in the price of Gasoline, the 4.63% drop of Gasoil price, and the average 3.33% reduction in Brent crude price, the Institute for Energy Security (IES) anticipates local fuel prices to head lower at the fuel pump stations in the first Pricing-window of March 2018.

This second consecutive dip in prices at the pump should be a major relief for petroleum consumers considering the several price hikes experienced in the last few months,” the statement said.

Petroleum consumers had a sigh of relief for the first time this year as fuel prices at the pump saw a marginal reduction.

This was as a result of favourable indicators recorded on the international fuel market and government’s reduction of Special Petroleum Tax from 15% to 13%.

Total reduction on a litre of Gasoline was 16 pesewas whilst Gasoil saw an 18 pesewas reduction with a gallon of petrol being sold on average terms at GH₵ 20.30, with diesel going for GH₵ 20.21

At the world market scene, Brent crude price within the period under review saw a reduction in average price, as the commodity dropped from $67.25 per barrel to close trading at $65.01 per barrel, representing a change of 3.33%.

According to Standard and Poor’s Global Platts benchmark for finished products, prices of Gasoline and Gasoil saw a decline on the global fuel market. Price of Gasoline per metric tonne dropped by 6.11% from $656.45 to $616.32.

Gasoil closed the window at an average of $567.43 per metric tonne from a previous average of $594.95 per metric tonne, a change of 4.63 percent.

According to the IES, the Ghana Cedi remained relatively stable from the foreign exchange market, with the USD shedding some marginal value against the local currency closing trading at an average rate of GH₵ 4.51, an appreciation of 0.22%.

Total fuel imported into the country from February 16, 2018 to February 27, 2018 was 144,900 metric tonnes – 62,000 metric tonnes of Gasoline, 55,000 metric tonnes of Gasoil, 14,900 metric tonnes of Fuel oil and 13,000 metric tonnes of LPG. Enditem

Source: Francis Tandoh

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