Fuel prices remain steady, but increase possible - Report

Fuel prices remain steady, but increase possible - Report
Source: Ghana | Myjoyonline.com | Zaina Adamu | Twitter: @ZainaAdamu
Date: 17-10-2018 Time: 10:10:47:am

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.