That, the institute said, was as a result of a marginal fall in the price of crude oil on the international market, the relatively stable prices for finished products and the suspension of the recently implemented fuel standards.

However, the institute has also warned that the continuous rise in the United States (US) dollar against the Ghana Cedi was likely to produce some surprises at the various fuel retail outlets in the country.
The Principal Research Analyst of the IES, Mr Richmond Rockson, in a press release issued in Accra, said the institute foresaw local fuel prices remaining unchanged in the first pricing-window.

Local fuel market performance

One major news that characterised the second pricing-window for the month of August 2017 was the withdrawal of the new fuel standard of 50 parts per million (PPM).

The ministry of Energy was forced to take the action due to the continuous hikes in fuel prices at the pump, which was rendering the government unpopular.

For the period under review, gasoline and gas oil rose by an average of 3.21 per cent and 3.55 per cent respectively.

Today, a litre of gasoline (petrol) sells for GH¢4.09, with gas oil selling at GH¢4.08, the highest in the last eight pricing windows. In the month of August, fuel prices at the pump rose between 7.9 per cent and 10 per cent on the local market.

Frimps Oil, Zen Petroleum and Lucky Oil are selling the cheapest fuel at the pump, according to IES’ Market Scan.

World oil market prices

Brent crude price declined to close at an average price of $51.33 per barrel from a previous figure of US$52.19 per barrel, suggesting a percentage change of 1.64 per cent.

This is largely as a result of the storm in US, which has affected crude demand. The storm and the hurricane which preceded it,have forced US oil producers and refiners to shut down, although they are now beginning to resume production after the bad weather moved onshore.

Standard and Poor’s Platts benchmark for gasoline and gas oil showed a slight change in prices. Gasoline increased by 0.15 per cent, from US$551.10 per metric tonne to US$551.93, with gas oil recording a 2.43p drop to close at 473.10 per metric tonne.

Local forex and fuel stock

Figures compiled from the banking sector by our Economic Desk shows the Ghana Cedi continues to depreciate as the local currency closed at an average of GH¢4.44 from a previous average of GH¢4.41.

This is the eighth time in nine pricing-windows that the cedi has depreciated.

Also the combined stock of gasoline and Gas oil in the country has risen to 304 million litres, and can ensure four weeks and three days of national demand.