Ghanaians to pay less for fuel soon; prices to fall by 24 percent

Ghanaians to pay less for fuel soon; prices to fall by 24 percent

- The Institute for Energy Security is projecting a massive drop in the price of fuel from April 1

- According to the IES, Ghanaians should expect to pay less for fuel because prices on the world market have dropped

- The average price of fuel per litre at the pump stands at GHS4.88 and GHS4.90 for petrol and diesel respectively

- Our Manifesto: This is what YEN.com.gh

Ghanaians are to expect up to 24% fall in the price of fuel on the local market in the first pricing window for April 2020, according to the Institute for Energy Security (IES).

The IES is forecasting between 16 and 24% drop in the price of fuel.

This is due to the significant fall of 33.36% in the price of Brent crude, coupled with the considerable drop in the prices of petrol (51.29%) and diesel (27.96%) on the international market.

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Crude oil prices remain largely below the $30-margin for this window due to a drowning global oil market as a result of unmanageable surplus, as the world’s largest economies lockdown, cutting consumption by 25%.

However, the cedi depreciated by 4.68% against the U.S. dollar in the last two weeks, trading at an average price of GHS5.59.

This is from the previous rate of GHC5.34 recorded in the first Pricing-window of March 2020.

Meanwhile, fuel prices at the pump experienced some 8.8% average reductions across some major Oil Marketing Companies (OMCs), as against the National Petroleum Authority’s pronouncement of 15% reduction for the Pricing-window under review.

While Shell (Vivo) reduced petrol and diesel by roughly 4.3%, Goil and Total Ghana shaved-off approximately 11% for petrol and diesel.

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Zen Petroleum gave away a whopping 14% for both products to sell at GHC4.25 per litre, thus making it the OMC with the least selling price on the market.

As a result, the national average price of fuel per litre at the pump stands at GHS4.88 and GHS4.90 for petrol and diesel respectively.

YEN.com.gh earlier reported that the Special Prosecutor has invited a brother of former president John Dramani Mahama to assist in the ongoing probe into the Airbus scandal.

Samuel Mahama and three other individuals believed to have played different roles in the purchase of three aircraft from Airbus SE for Ghana are to appear before the Special Prosecutor, a statement published in the Daily Graphic said.

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Source: Yen

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