Although crude oil prices rose by 6.8% over the last 14 days, the Institute for Energy Security (IES) projects fuel prices to remain largely unchanged.

This is due to the stability of the local currency against the US dollar, and the 6% drop in petrol price, coupled with the rise in diesel price on the world market.

The projected price stability is expected to bring relief to petroleum consumers. 

At GH¢19.85 per gallon, petrol price touched it highest level on the local fuel market, as Oil Marketers increased prices over weakness in the local currency against the dollar, and rise in fuel prices on the international market.

Petrol and diesel moved higher over the 14 days, rising 6.57% and 3.45% respectively.

Frimps oil, Compass Oleum, Zen Petroleum, Lucky Oil and Puma Energy are the Oil Marketing Companies(OMCs) selling the cheapest petrol and diesel in price terms.

 World oil market prices 

The benchmark crude surged 6.8% to settle at $56.92 per barrel, best average closing price for oil producers in recent years, a signal that OPEC has now achieved its goal of flipping Brent crude’s market structure into ‘backwardation’.

The rise in price of up to $59.02 per barrel was fueled by improving demand and expectation that producers will extend a deal to limit output.

Standard and Poor’s Global Platts benchmark for the period under review, petrol price decreased from $626.68 per metric tonne to $589.02 per metric tonne, while diesel went up from a previous average of  $418.25 per metric tonne to $437.27 per metric tonne.

Local forex and fuel stock

Figures put together by IES’ Economic Desk from the banking industry suggest the cedi was stable for the period under review, maintaining the previous exchange rate of GH¢ 4.48 to a dollar. 

From September 12 to 27, 2017, the quantity of petrol and diesel imported into the country was approximately 78,500 metric tonnes and 57,000 metric tonnes respectively to augment the country’s fuel stock.

This imported quantity is capable of meeting 13 days of national demand.