The current fuel prices in Ghana 2018 are set to remain stabilized as we enter the first pricing window of August. So, has fuel prices been increased in Ghana? The new fuel prices in Ghana are set to stay unchanged even with the speculations of an increase in the market. This is based on the Institute of Energy Security as they disclosed the fuel prices in Ghana today. The Institute revealed that it is in the closing window of July season came to an end. The month of August started off with maintaining its equilibrium in the price of fuel.
Fuel price increase in ghana
The current stabilization of the fuel prices in Ghana today has been attributed to regional reduce in the Brent crude oil by IES. From the LPG prices in Ghana 2018, this includes the decline in the last pricing rate that went for 77.52 dollars per barrel to the current deregulation of fuel prices in Ghana that retails around 73.62 dollars per barrel.
With the second window of July to the beginning of the August window, the prices of the processed products on the world market have benchmarked the progress of the finished products.
Research analyst at the IES, Mikdad Mohammed, disclosed that the prices of gas oil also went down from 3.63% that resolute to 667.48 dollars for every metric ton. The costs of the gasoline which are petrol even have been reduced. As we put these calculations, the expectations are that there should be a general falling in the prices due to the stabilization of the cedi in the international market with only a regional reduction of less than 0.7%.
Moreover, he suggested that the Oil Marketing Companies (OMC) reduce their prices marginally to compete fairly have a piece for the market share. As a result of the regulating and competition, the chances of a little reduction in the costs of fuel is impossible.
Latest news on fuel prices in ghana
This comes a month before the Government reduced the petrol price in Ghana. This was in deregulation of fuel prices in Ghana of the finished products which were put in effect as from second closing window of June.
The latest news on fuel prices in Ghana comes with the reduction that was contributed by the regional rise of the local Ghanaian cedi and the general fall in the international prices of unfinished oil products during the second closing pricing window that was regulated by the pricing regime for the last pricing window of July and marked the beginning of August . The prices in the filling stations in Ghana stabilized when the OMC reduced the amount from Ghc3.97 per liter for petroleum products to GHc3.53 per liter and GHc3.73 to GHc3.14 per liter for diesel.
According to the survey carried out by the Ghana News Agency (GNA) the Ghana Oil Company Limited (GOIL) was the only original local company that provides petroleum products in the country that had maintained the marginal subsidy when it comes to the petroleum products.
During the starting window of June, the fuel price increase in Ghana had earlier been noted to reach 3%. Based on the report from the Chamber of Petroleum Consumers-Ghana (COPEC-GH), there was indicative ex-refinery prices for the petroleum products were expected to go up estimated at either 2 or 3 percent for the first window which began on 1 June 2018 and closed on June 15. COPEC-GH had earlier urged the government for the implementation of the preventive measures to cushion the public against the increments.
The government had earlier been urged to beef up their efforts to curb the emergence of unscrupulous dealers engaging in the fuel trade which leads to the loss a lot of money in form of revenues yearly to further reduce the strain implies on the local pumps in terms of taxes in order to promote the growth.
Even given the fact that Ghana had earlier forgotten to take advantage of the pricing of the petroleum at a time when the international prices had depreciated, they still have the option to invest in the fuel prices are stabilized so that the local Ghanaians can be protected from the increasing prices with the break of each dawn.
READ ALSO: Oil and gas companies in Ghana