Fuel prices are expected to go down in February 2020. This may be due to the further price plunge at the global front. Prices dipped by as much 2.95% on the global front on Thursday, 30th January. The market fears of the coronavirus seem to hurt demand leading to the price lag.
The Institute for Energy Security (IES) has confirmed the price reduction with a prediction that prices in petroleum products may fall by 2.5 percent at various pumps in the first pricing window of the month of February 2020.
Global Oil Prices
From the IES statement, it emerged that “from the 4.66 percent decline in prices of Brent crude, coupled with the 8.00 percent and 5.69 percent considerable reduction in the prices of Gasoil and Gasoline respectively on the international market; the Institute for Energy Security (IES) foresees prices of fuel on the local market dropping by roughly 2.5 percent.”
The expected fuel price reduction would mean motorists would pay less at the pumps where average prices are at a current level of GH¢5.45 per litre. It would also be a breather after the initial increases in January 2020 in the second pricing window.
If prices dip as expected, pump fuel prices in February 2020 would average GH¢5.31 per litre. Ghana Talks Business will update readers on the new price adjustments when announcement is made.
