Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Cedi fall threatens fuel price stability: IES

poil gha

The Institute for Energy Security (IES) has said the relative stability for the price of Brent Crude, and global prices for gasoline and gasoil points to the stability of local fuel prices but “the only variable that threatens the stability of prices on the local market is the steep decline in the value of the Ghanaian cedi against the U.S dollar”.

In its review of February’s second pricing-window, IES said it expected that the managers of the Ghanaian economy would work to halt the fall in value of the cedi which is “posing a huge challenge to oil importers”.

On the local forex market, the U.S dollar continues its onslaught on the Ghana cedi, with data from the banking sector indicating that the cedi slipped further by an average of 3.7 per cent to GHS4.55 against the dollar, from an opening of GHS4.38.

“It is worrying that from the first pricing-window in January 2017 to date, the cedi has depreciated by over 10%,” IES observed, adding: “The combined stock of gasoline and gasoil in-tank increased from 117,900 metric tonnes to 134,750 metric tonnes in the last window, capable of meeting almost three weeks of national demand.”

The price of fuel on the local market rose between 3.6% and 4.9% within the second pricing-window for the month of February 2017.

These increases, according to IES, were effected by almost all the Oil Marketing Companies (OMCs) within the session. As a result, gasoline and gasoil is currently selling at GHS4.23 per litre and GHS4.1 per litre on average terms.

IES said its scan indicated that Lucky Oil, Frimps Oil, Goil and Puma Energy were a few of the OMCs selling the cheapest gasoil and gasoline on the market as of today.

IES said world oil market indices over the last 13 days show that the Benchmark Brent crude price remained relatively stable on average terms to close the Pricing-window at $56.0 per barrel.

The stability in price was as a result of producers outside OPEC that signed up to the oil cartel’s output cut, lagging on implementation of the deal and also significant rise in U.S oil inventories as reported by Energy Information Administration (EIA).

Platts also reported a marginal increase in global prices of both gasoline and gasoil. Gasoline price rose by 1.02 per cent within the period under review, and in similar fashion gasoil price rose from $484.14 per metric tonne to $485.35 per metric tonne, indicating a percentage rise of 0.24.


Profile photo of Editor
Follow Us

Editor

Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
Profile photo of Editor
Follow Us

Share this article

Leave a reply

Personality of the Month
  • Alhassan S. Tampuli - Ag. Chief Executive of NPA Alhassan S. Tampuli is the Acting…
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by The International Institute for ICT Journalism www.penplusbytes.org with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Jul 2017 >>
MTWTFSS
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6
Twitter Activity Stream
Partners We are proud to be associated with:
Skip to toolbar