The Institute for Energy Security (IES) has projected prices on the local fuel market to remain largely unchanged at the pump in the November first Pricing-window.

The Institute is being guided by the marginal drop in prices for both Gasoline and Gasoil, the stability of the local currency, the stockpiles available in country as well as not-so-positive rise in crude prices on the international fuel market.

However, competition among the various Oil Marketing Companies could influence a marginal drop in prices at the pump stations.

Local Fuel Market Performance

The second Pricing-window of October 2017 recorded reduction in fuel prices at the pump as projected by the institute.

Most Oil Marketing Companies effected price change for Gasoline and Gasoil, reducing prices by an average of 1%. Current average prices for Gasoline and Gasoil sell at Ghs 4.32 and Ghs 4.24 respectively, with Frimps Oil, Lucky Oil, Benab Oil, Zen Petroleum, Star Oil and Puma Energy selling at the lowest price per litre at the pump.

World Oil Market Prices

Brent crude price figures gathered from the global oil market suggests a price change of 2.18% on average terms in the last 14 days, moving from a previous average of $56.49 to $57.72 per barrel.

Presently, Brent crude prices has crossed $60 per barrel; the highest since July 2015.

This is as a result of Saudi Arabia and Russia leaning towards agreeing to extend their production limits through the end of 2018, a move that could be finalized at the upcoming meeting in Vienna on November 30.

Figures from the international fuel market by Standard and Poor’s Global Platts benchmark shows marginal increase in prices for both Gasoline and Gasoil.

Price of Gasoline went up from a previous average of $560.18 per metric tonne to $566.10 per metric tonne. Gasoil prices also increased from a previous average of $531.89 per metric tonne to $535.30 per metric tonne.

Local Forex and Fuel Stock

Data by IES Economic Desk suggest the local currency has been fairly stable for the period under review, with the Ghana Cedi appreciating by 0.22% to close at Ghs 4.39 to the US Dollar, from a previous value of Ghs 4.40. 71,700 metric tonnes of Gasoline and 59,710 tonnes of Gasoil were discharged between 13th and 28th of October, 2017 to complement in-tank stockpiles.