Fuel prices have remained steady during October’s first pricing window after a sharp four per cent increase in September, the Institute of Energy Security (IES) reports.
According to the Ghanaian-based think tank, Union Oil, GOIL, Total, Shell, Zen Petroleum, Frimps, Pacific and Lucky currently sell the lowest-priced fuel.
The international oil market reveals that Brent crude prices traded at $83 per barrel, while the IMF’s revision of the global growth forecast for 2018 and 2019 resulted in a decline in crude oil prices trading at $86 per barrel, the IES report shows.
Gasoline prices closed trading at $737 per metric tonne, a .94% increase from the previous trading price, a Standard and Poor’s Global Pratt analysis says.
Gasoil increased over six per cent and closed trading at $733.14 per metric tonne.
The cedi depreciated slightly against the U.S. dollar trading at GH¢4.91 from GH¢4.87 during the last pricing window, according to data gathered by IES.
IES predicts that fuel prices may rise again considering that the average Brent crude price rose to 5.7%.
The good news is that oil marketing companies could maintain prices to regulate market share as part of deregulation.
Have your say
More News Headlines
- Chinery-Hesse outdoored as C'wealth Business and Tech African Chair
- Support passage, enforce vigilante law – Akufo-Addo tells Police
- Driver, mate subjected to physical abuse in police custody - Lawyer
- COP Kaneshie Area Apostolisation: A transformed church, the world's only hope -Aps Etrue
- COP Kaneshie Area Apostolisation: The Holy Spirit is your life's utility player -Aps Miah
- Black Friday! Close to 90 perish in 2 separate accidents
- Ministers’ discretion rights undermine corruption fight’
- Eight ways to save water
- South Dayi MP pushes for highway rest stop, cultural village at Peki
- Kintampo-Techiman road crash: 53 survived Friday fatality - Police
- Climate Week: Youth Groups across Africa march to demand immediate action
- 2 Dismissed Fire Service officers reinstated
- Nigeria, a sleeping tourism giant that needs awakening
- Anas frustrated by Police apathy in Hussein-Suale's murder probe
- Police request Parliament to release Ken Agyapong over assault complaint