Fuel prices are expected to stay constant for the rest of April, according to the Institute of Energy Security (IES).
According to the IES, fuel prices at various pumps around the nation were somewhat lower in the April 2022 first pricing window.
These were caused by changes in market factors and the government’s announced action at the start of the month. Most Oil Marketing Companies sell gasoline (petrol) for more than Gh¢9.20 per litre, whilst diesel is marketed for more than Gh¢10.20 per litre (OMCs).
The current national average price for gasoline is Gh¢9.39 per litre, while Gasoil is Gh¢10.33 per litre. This is a 4.37 percent decrease from the previous average price of Gh¢9.80 per liter for gasoline and a 3.46 percent decrease from the previous average price of Gh¢10.70 per liter for gasoline.
“For this window, the IES Market scan picked Goodness Oil, Benab Oil, Amser, and Zen Petroleum as the OMCs with the least-priced fuel on the local market.
According to the IES, “Petrosol, Puma, Sel, Allied, Shell/Vivo, and Total sold the highest-priced fuel on the market within the window.”
According to the IES, the International Benchmark, Brent Crude price remained primarily below $110 per barrel on the global oil market, shutting the window below $100 per barrel.
Prices during the window under consideration averaged $104.98 per barrel, a 3.03 percent decrease from the previous window’s average price of $108.27 per barrel.
Eight weeks after Russia started its invasion of Ukraine, there are signs that the oil market’s volatility is beginning to diminish. Oil prices originally rose to almost $140 per barrel, but have subsequently fallen, with prices hitting $95 per barrel in the most recent window.
As a result of China’s lockdowns, local Asian refiners have been pushed to reduce run durations and increase refined product exports in order to alleviate regional product market restrictions.
In terms of crude oil imports, China continues to be the world’s largest importer.
A close watch on events in China, where officials have proclaimed COVID-19 a “zero tolerance” policy, Shanghai, home to 26 million people, continues to see limitations put on their travel, creating a significant drop in global oil consumption and impacting the drop in oil prices experienced.
On Monday, April 11th, Brent oil prices dipped below $100 per barrel as traders determined that the world’s supply was enough despite impending penalties against Russian oil shipments.
Prices of finished goods monitored on Standard & Poor’s (S&P) Platts fell in the most recent window. The price of gasoline declined by 1.06 percent from its starting point of $1060.23 per metric tonne to the end date price of $1049.02 per metric tonne. Furthermore, the price of gasoil declined by 3.65%, to $1092.55 per metric tonne, from $1133.95 per metric tonne previously. LPG ended the window at $872.48 per metric tonne, down 3.72 percent from an earlier price of $906.18 per metric tonne on the international fuel market.
According to data analyzed by the IES Economic Desk inside the window, the Cedi has fallen further against major trading currencies on the Foreign Exchange (Forex) market. The Cedi fell 1.44 percent to settle at Gh7.79 to the Dollar, down from Gh7.68 to the Dollar in the previous day.
The Institute for Energy Security (IES) projects relative stability in the price of fuel on the local market for the remainder of April 2022, despite the 1.5 percent -cedi depreciation against the Dollar, 1.06 percent drop in gasoline price, 3.65 percent drop in gasoil price, and 3.72 percent drop in LPG price per metric tonne.
Read Also: Fomena: Court issues bench warrant for the arrest of 4 NPP members
SOURCE: 3NEWS
