Fuel Prices To Remain Stable In September – IES

The Institute of Economics Securities (IES) has announced that prices of fuel at the pumps across the country will remain stable in September.

This, according to IES, is due to the stability of the local currency against the US dollar.

According to its review on the August second pricing-window, “Prices of fuel at the pumps experienced a 2% increment in August with Gas oil prices averaging GH¢4.85 per litre increasing to GH¢4.95 Litre. The Current national average prices of both Gasoline and Gasoil at the pump is GH¢4.89 and GH¢4.93 respectively.”

Brent Crude on the International market spot price saw an increment from its previous trading price of $72.81 per barrel to $76.02 per barrel within the window.

Despite the rise, many would have expected a rise in the country’s fuel prices this month.

However, prices of finished products have experienced a slight reduction in the case of Gasoline and a very marginal increment less than 0.2% in the case of Gasoil.

According to IES “With the cedi making some gains against the dollar, the Institute projects that prices at the pump will remain relatively stable.”

The Institutes economic Desk figures shows the cedi has experienced a marginal appreciation against the trading currency, the US dollar.

The dollar stands at GH¢4.80 currently as against GH¢4.83 in the last pricing window.

“Across the various fuel terminals in the country, no gasoil was received over the period. An amount of 43,600 metric tons of gasoline and 6,300 metric tons of LPG was offloaded,” according to the statement.

By Emmanuel Yeboah Britwum