The Institute for Energy Security (IES) is projecting a slight reduction in prices of fuel on the market.<\/p>\n
A statement signed\u00a0 by the Institute\u2019s Research Analyst, Mikdad Mohammed said:<\/p>\n
\u201cThe Institute for Energy Security (IES) foresees a slight reduction in fuel prices at the pump as a fall out of the reductions in the prices of finished products and crude oil on the international market, coupled with the relative stability of the Ghana cedi against the U.S.Dollar.\u201d
\nHe however added that the fundamentals have since changed since the window kicked in as prices have suddenly gone up, which could affect any reduction expected.<\/p>\n
Accoridng to IES, an observation of the window before the market fundamentals changed showed \u201cBrent Crude trading at an average of $75.16 within the period under review. The 1.4% drop was largely influenced by the much awaited OPEC meeting in Vienna which many analyst and traders suspected was going to end in a dead-lock with respect to projection output. Rather the meeting ended with an agreement to rump up production by some one million barrel per day. At press time (28th June 1530hrs) Brent crude was trading at $77.65 as influenced by drop in inventory and by President Donald Trump\u2019s sustained bid to disrupt Iran\u2019s crude oil exports.\u201d<\/p>\n
The statement added that:<\/p>\n
\u201cIn Standard and Poor\u2019s Global Platts analysis, Gasoline prices went down further by 3.02% to close trading at $699.61 per metric tonne, from a previous average of 715.25$ per metric tonne. While Gasoil which sold at a previous price of $674.00 also reduced by 3.09% to close trading at $652.52 per metric tonne within the window\u201d<\/p>\n
See full statement below:<\/strong><\/p>\n REVIEW OF SECOND PRICING WINDOW FOR JUNE 2018 World Oil Market Prices<\/p>\n An observation of the international oil market reveals Brent Crude trading at an average of $75.16 within the period under review. The 1.4% drop was largely influenced by the much awaited OPEC meeting in Vienna which many analyst and traders suspected was going to end in a dead-lock with respect to projection output. Rather the meeting ended with an agreement to rump up production by some one million barrel per day. At press time (28th June 1530hrs) Brent crude was trading at $77.65 as influenced by drop in inventory and by President Donald Trump\u2019s sustained bid to disrupt Iran\u2019s crude oil exports. In Standard and Poor\u2019s Global Platts analysis, Gasoline prices went down further by 3.02% to close trading at $699.61 per metric tonne, from a previous average of 715.25$ per metric tonne. While Gasoil which sold at a previous price of $674.00 also reduced by 3.09% to close trading at $652.52 per metric tonne within the Pricing window under review.<\/p>\n Local Forex and Fuel Stock PROJECTIONS FOR JULY 2018 FIRST PRICING-WINDOW<\/p>\n The Institute for Energy Security (IES) foresees a slight reduction in fuel prices at the pump as a fall out of the reductions in the prices of finished products and crude oil on the international market, coupled with the relative stability of the Ghana cedi against the U.S.Dollar.<\/p>\n Signed: MIKDAD MOHAMMED<\/p>\n","protected":false},"excerpt":{"rendered":" The Institute for Energy Security (IES) is projecting a slight reduction in prices of fuel on the market. A statement signed\u00a0 by the Institute\u2019s Research Analyst, Mikdad Mohammed said: \u201cThe Institute for Energy Security (IES) foresees a slight reduction in fuel prices at the pump as a fall out of the reductions in the prices […]<\/p>\n","protected":false},"author":2,"featured_media":9542,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"image","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"iawp_total_views":0,"footnotes":""},"categories":[41],"tags":[],"class_list":["post-9541","post","type-post","status-publish","format-image","has-post-thumbnail","hentry","category-business","post_format-post-format-image"],"yoast_head":"\n
\nLocal Fuel Market Performance
\nFuel prices failed to drop by 2% as speculated by some media houses within the past Pricing-window. Instead, prices stayed unchanged as projected by IES based on local and international market fundamentals. Diesel and Petrol continue to be sold on average terms at GHc4.83 and GHc 4.85 respectively after increasing by approximately 4% within the first window of June 2018. IES Market-Scan still shows Zen Petroleum selling the lowest-priced Gasoline and Gasoil on the fuel market, followed by Benab Oil, Pacific, Lucky Oil, and Frimps Oil.<\/p>\n
\nThe Forex performance of the local currency against the U.S. Dollar for the window was fairly stable compared to the first Pricing-window\u2019s depreciation of 1.7 percent. Data gathered by IES Economic desk shows the cedi trading at GH\u00a24.68, a slight reduction from the GH\u00a24.70 that heralded the last window.
\nAdding to the country\u2019s fuel stock was approximately 13,500 metric tonne \u2013 LPG, 47,000 metric tonne \u2013 Gasoline, and 24,000 metric tonne \u2013 Gasoil over the last 15days.<\/p>\n