Energy think tank, Institute of Energy Security, IES has predicted marginal decrease in prices of fuel for the next two weeks in November 2020.
IES, in a statement, attributed its prediction to the decrease in prices of International Benchmark- Brent Crude, the 2.62% decrease in prices of Gasoil, as well as the 0.17% appreciation of the local currency.
“Owing to factors including the 4.44% decrease in prices of International Benchmark- Brent Crude, the 2.62% decrease in prices of Gasoil, the 6.07% decrease in Gasoline prices and the 0.17% appreciation of the local currency; the Institute for Energy Security (IES) projects prices of fuel on the domestic market going down as we enter the second half of November 2020,” the energy think tank said in a statement.
A litre of diesel is currently sold for GHS4.80 pesewas on the average while petrol is GHS5.00.
For the last pricing window, “Zen Petroleum, Benab Oil, Goodness Energy, SO Energy and Alinco Oil sold the least-priced Gasoline and Gasoil on the local market,” the statement said.
“Prices of fuel on the local market remained stable within the window under review. Prices of petroleum products within the first pricing-window of November 2020 saw majority of Oil Marketing Companies (OMCs) maintaining prices of Gasoline and Gasoil. The current national average price of fuel per litre at the pump is pegged at GHS4.60,” IES added.