The Institute of Energy Securities (IES) has predicted a marginal increase in fuel prices in June
This, IES stated is as a result of the combination of rising international market prices and a marginal depreciation of the Cedi against the Dollar, the Institute said in its projection for June 2019 first pricing-window.
Below is the full statement
FUEL PRICE TO INCH CLOSER TO GH¢24 PER GALLON
REVIEW OF MAY 2019 SECOND PRICING-WINDOW
Local Fuel Market
The second Pricing-window for May 2019 saw average fuel prices at the pump remain unchanged as the Institute projected. As a result, average prices of Gasoline and Gasoil at the pump continued to sell at GH¢5.21 and GH¢5.18 respectively. The stable fuel price Ghanaians experienced at the pump is not only attributable to the stability of the local Cedi against the
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World Oil Market
Whereas Washington has said it is not seeking “regime change” in Tehran directly or indirectly,
After a good run of appreciation against the U.S Dollar, the Ghana Cedi recorded a loss against the Dollar for the first time in more than seven weeks. IES Economic Desk’s monitoring of the Foreign Exchange market shows the Ghana Cedi lost 2.71
PROJECTION FOR JUNE 2019 FIRST PRICING-WINDOW
While it is IES’ expectation that the NPA could once again fully apply the element of the PSRL to cushion consumers for the upcoming window as occurred in the previous Pricing-window, we nevertheless foresee the likelihood of fuel prices inching more closely towards GH¢24 per gallon. This will be as a result of the combination of rising international market prices and a marginal depreciation of the Cedi against the Dollar. The Institute wishes to strongly advise the Ghanaian public to take note of Fuel Filling Stations price boards before making purchases as some are priced far below the national average price due to the De-regulation policy.
MIKDAD MOHAMMED (Research Analyst)