IES forecasts fuel price stability throughout second half of April 2021

The Institute of Energy Securities (IES) has projected that prices of fuel at various pumps in the country are expected to remain stable throughout the second half of April 2021.

According to a market analysis by the Institute, this is attributed to a drop in prices of Brent crude, gasoil and the stability of the Ghana Cedi.

The IES in a statement issued pointed that the current national average price of fuel per litre at the pump is still pegged at Gh¢5.16.

“Price of fuel on the local market remained stable within the window under review. Price of petroleum products within the first Pricing window of April 2021 saw the Oil Marketing Companies (OMCs) maintain prices at the pump throughout the period. The current national average price of fuel per litre at the pump is still pegged at Gh¢5.16 for both products on the back of the stability in the prices.”

“For this [April 2021] Pricing-window, Zen Petroleum, Benab Oil, Petrosol and Frimps Oil sold the least-priced fuel on the local market according to IES Market-Scan,” the IES said.

On the global market, the IES said the pricing window under assessment, the international benchmark, Brent crude price averaged about US$63.65 per barrel mark representing a 2.40% decrease from the previous windows average price of US$65.22 per barrel mark.

See the statement below: