With the cedi losing by 0.5% to the dollar, fuel imports falling and with rising crude oil prices opening the flood gates for all major fuel prices to rise by substantial figures; motorists should expect fuel prices to rise between 3% and 6% for the second pricing-window in November 2017.

In the absence of a strategic fuel stock for the country, consumers should brace themselves for possible shocks from the international oil market.

IES Market Scan saw Gasoline (Petrol) and Gasoil (Diesel) prices holding steady over the past 16 days as projected by the institute, with a litre of Gasoline selling at an average price of Ghs 4.320 while Gasoil is going for Ghs 4.240 per litre.

EV Oil had the most expensive fuel on the market, selling Gasoline at Ghs 4.360 per litre; followed by Wapco at Ghs 4.350 per litre. Zen Petroleum sold the least expensive Gasoline at Ghs 4.130 in the country, followed by Lucky Oil and Benab Oil selling at Ghs 4.143 and Ghs 4.240 per litre respectively.

World Oil Market Prices

Brent crude, the international price benchmark shot up by about 7.7% from a previous average of $57.72 to sell at an average price of $62.16 per barrel over the 2 weeks period on signs of strong economic growth around the world and geopolitical concerns in the Middle East.

The usual autumn Gasoline price plunge has shot been interrupted by the rising crude oil prices with S&P Platts reporting a 9.94% and 4.02% rise in price of 10ppm Gasoline and Gasoil.

Today, Gasoline and Gasoil trade at $622.68 per metric tonne and $556.80 per metric tonne respectively rising from a previous average of $566.80 and $535.30 per metric tonne respectively.

Local Forex and Fuel Stock

IES Economic Desk figures collected from the banking industry shows the cedi depreciated marginally from a previous average of Ghs 4.39 to the current average of Ghs 4.41; representing a change of 0.5%.

Over the past 16 days, about 30,000 metric tonnes of Gasoline and 44,000 metric tonnes of Gasoil were discharged at the various berthing terminals to add to the country’s stock. 7,000 metric tonnes and 6,000 metric tonnes of LPG and RFO were discharged to add to existing stock in-tank.