Fuel prices to increase slightly in first pricing window of February 2021 – IES projects

The prices of petroleum are projected to increase slightly for the first pricing window of February 2021, according to an analysis conducted by the Institute of Energy Security (IES).

This means consumers of petroleum products will for the next two weeks make purchases at a slightly higher price at various fuel pumps across the country.

The IES in a statement explained the increase is as a result of the 3.9 percent increase in the price of Brent crude on the global market, the 5.10 percent increase in the price of Gasoil as well as the comparative stability of the local currency.

“Owing to factors including the 3.9 percent increase in price of the International Benchmark- Brent crude, the 5.10 percent increase in price of Gasoil, the 7.47% increase in Gasoline price and the relative stability of the local currency; the Institute for Energy Security (IES) projects price of fuel on the domestic market at the various pumps experiencing slight adjustments upwards as we enter the new month, February 2021,” the statement noted.

Meanwhile, the IES however points that to increase market share, some Oil Marketing Companies (OMCs) may decide to maintain prices from the previous window.

On the local market under review, the IES noted, “Prices of fuel has remained unstable within the window under review. Price of petroleum products within the second Pricing-window of January 2021 saw majority of Oil Marketing Companies (OMCs) increasing their figures marginally. The current national average price of fuel per litre at the pump is pegged at Gh¢4.97,”

“Zen Petroleum, Benab Oil, Petrosol and Frimps Oil sold the least-priced fuel on the local market according to IES Market-Scan,” it added.