Africa-Press – Ghana. The Institute of Energy Security (IES Ghana) is projecting stability in Gasoline and Gasoil prices for the rest of November.
The IES in a statement released on Tuesday, November 16, 2021 noted that world prices have seen some decreases and it does not foresee any increase, at least for the rest of November.
“For the November second Pricing-window, and based on the 1.54 percent decrease in the price of international benchmark Brent crude, the 2.40 percent increase in price of Gasoline, the 0.74 per cent increase in Gasoil price and the 0.16 per cent depreciation of the local currency against the US Dollar; the Institute for Energy Security (IES) foresee prices of fuel remaining stagnant for the window, despite the increase in price of finished products. This is in due to the recent increases in prices at the pumps which has generated a lot of public concern,” It said in a statement signed by Fritz Moses, Research Analyst.
In its review of the November First Pricing Window, it noted that right from the beginning of the window, prices of petroleum products recorded significant upward reviews from the major Oil Marketing Companies (OMCs) with Total Petroleum Ghana leading the charge.
“Prices of Gasoline and Gasoil at the pump increased by roughly GHp10 per litre, in spite of the suspension of the Price Stabilization and Recovery Levy (PSRL) by the National Petroleum Authority (NPA),” it noted.
The price increases recorded brings the national average price of fuel per litre in Ghana to Gh¢6.81 per litre for Gasoline (Petrol) and Gh¢6.79 for Gasoil (Diesel), from Gh¢6.64 for both Gasoline and Gasoil.
Ghanaians have been lamenting the soaring fuel prices, putting some pressure on government to reduce some taxes on the price build-up to cushion the citizens.
The full statement has been published below:
16TH NOVEMBER 2021
GASOLINE AND GASOIL PRICES MAY REMAIN STAGNANT
REVIEW OF NOVEMBER FIRST PRICING-WINDOW
Local Fuel Market Performance
The price of fuel on the local Ghanaian market experienced an increment within the first pricing-window of the month of November 2021. Right from the beginning of the window, prices of petroleum products recorded significant upward reviews, from the major Oil Marketing Companies (OMCs), with Total Petroleum Ghana leading the charge. Prices of Gasoline and Gasoil at the pump increased by roughly GHp10 per liter, in spite of the suspension of the Price Stabilization and Recovery Levy (PSRL) by the National Petroleum Authority (NPA).
The price increases recorded brings the national average price of fuel per litre in Ghana to Gh¢6.81 per litre for Gasoline (Petrol) and Gh¢6.79 for Gasoil (Diesel), from Gh¢6.64 for both Gasoline and Gasoil.
As per the IES Marekt-Scan, Benab Oil, Zen Petroleum, Cash Oil, Goodness Oil and Top Oil stands as the OMCs that sold the least-priced fuel on the local market, for the pricing-window under review
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