While No Fuel Price Relief For Consumers, Costs Remain Steady

Fuel prices remained steady for July’s second pricing window, an Institute of Energy Security (IES) report shows.

The result comes even after bulk distributing companies (BDCs) increased ex-refinery prices to oil marketing companies (OMCs).

Currently, gasoline and gasoil stand at GH¢4.85 and GH¢4.83 respectively. An IES market scan calculated that the lowest-priced fuel prices are at the following companies: Alinco Oil, Frimps Oil, Pacific, Zen Petroleum, Benab Oil, Pacific, and Lucky Oil. Brent crude prices staggered five percent from $77.52 per barrel to a current average price of $73.62 per barrel.

A Standard and Poor’s Global Platts assessment showed that on the international market, gasoline went down by 2.55%. Gasoil trickled to 3.63%, closing the pricing window at $712.48 per metric tonne and $643.25 per metric tonne respectively.

Other causes of fuel price fluctuations include the slight depreciation of the cedi against the dollar. In the previous window, the cedi depreciated to 1.92%.

“In spite of the slight fall in the value of the local currency to the U.S. dollar, decreases in world oil prices within the past two weeks point to marginal reductions in the prices of Gasoline and Gasoil on the local fuel market,” the IES report read.

The statement continued: “However, the opportunity oil marketers lost to competition when market variables pointed to increments, may compel them to stay prices this time around.”

Story by Ghana | Myjoyonline.com | Zaina Adamu | Email: [email protected] | Twitter: @ZainaAdamu