Prices of Petroleum Products on the domestic market are expected to remain largely stable given the relative stability of the Cedi against its major trading currencies.
In an earlier report by the Institute of Energy Securities (IES), data gathered from the Forex market revealed an appreciation of the cedi by 0.35% against the US dollar, trading at an average price of GH¢5.73 over the period under assessment.
Global Oil Market
Crude Oil prices remained relatively stable over the past few months with Brent crude recording between $40 and $45 per barrel since early June. At the end of the week, Brent Crude moved to $44.80 per barrel with West Texas Intermediate (WTI) advancing to $42.01 per barrel.
With recovering demand in the United States and Asia, prices should have risen significantly which would have increased fuel prices on the local market, all other things being equal. However, the global market remains steady due to fears over a continued rise in COVID-19 cases and the possible return of lockdowns in economies such as the United States of America in the winter.
Local Market
Over the past weeks, the prices of petroleum products at the pumps have remained unchanged. This was largely due to relatively stable international market prices. Averagely, Oil Marketing Companies (OMCs) across the country continued to sell a litre of fuel at a price of GH¢4.80.
In an observation by Ghana Talk Business, the prices of Gasoline and Gasoil by major Oil Marketing Companies in the country are presented in the table below:
Given this available data, we might see the price of fuel averaging GHc4.80 per litre at the end of the second pricing window. Ghanaians should thus expect to pay no more than they are paying now in the coming days.
