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Cedi loses stability against USD for first pricing window of Dec. – IES

Fuel prices remained largely stable for the first pricing window of December 2020.

This is according to a review by the Institute for Energy Security (IES).

Oil Marketing Companies (OMCs) maintained prices of gasoline and gasoil at the pump with a few of them increasing their prices.

The increase in prices was in response to international developments.

Currently, the national average price of fuel per litre at the pump is GHS 4.57.

According to IES’ market scan, “Zen Petroleum, Benab Oil, Petrosol and Frimps Oil sold the lowest price per litre of gasoline and gasoil at the pump.”

The Ghana cedi also lost its stability marginally against the US Dollar by 0.52 per cent to trade at an average price of GHS 5.79 over the first pricing window for the month of December.

The IES, however, projects that for the second pricing window for the month of December, “owing to the 7.06 per cent increase in prices of international benchmark – Brent crude, the 7.5 per cent increase in prices of gasoline, the 9.3 per cent increase in gasoline prices and the 0.52 per cent decline of the local currency against the U.S. dollar,” prices of fuel on the domestic market will remain stable, as the end of year festivities approach.

Source: classfmonline.com/Elikem Adiku

GWO

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