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The institute cites these events on the international scene The oil and fuel markets, combined with the persistent depreciation of the local currency, paved the way for a potential rise in fuel prices in the country.
"The price of crude oil rose by 3.1%, Gasoline and Gasoil rose by 4.58% and 2.29% respectively, and the Cedi depreciated by about 1, 92% against the US dollar during the last two weeks "
The potential increase in the price of fuel on the local market can, however, be avoided or mitigated if the National Office of Hydrocarbons (NPA) put in place a stabilization and price recovery mechanism.
Read the complete statement from the Institute for Energy Security:
CONSUMERS SHOULD EXPECT TO PAY MORE FOR FUEL
REVIEW OF THE FIRST WINDOW OF JULY 2018
Performance Local Fuel Market
The pumps have always been stable for the last two pricing windows. Although slight reductions were expected from the Petroleum Marketing Companies (MOCs) during the period, they did not occur to a large extent as marketers complained of declining margins.
As a result, gasoline and diesel continue to be sold at 4.85 GH and 4.83 GH, respectively, on average.
The cheapest fuel at the pump compared to other MOCs can come from Alinco Oil, Frimps Oil, Pacific, Zen Petroleum, Benab Oil, Pacific and Lucky Oil.
] Brent Crude recorded a sharp rise to $ 79 a barrel at the start of the price window, but soaring prices dipped late Wednesday with days to close the price window in Ghana, leaving the global gross benchmark with its biggest -diminution in more than two years.
The decline was sparked by news from Liby's National Oil Company raising major forces at four oil ports, and the widespread weakness of commodity markets.
Despite these developments, the average price of crude oil recorded in the window is $ 77.52 per barrel, compared to $ 75.16 in the last pricing window for June 2018.
gasoline is up 4.58% while Gasoil up 2.29%, closing respectively at $ 731.64 per metric ton and $ 667.48 per metric ton, according to the Standard & Poor's badessment & Global Platts.
In the previous window, gasoline sold at $ 699.61 per metric ton whereas Gasoil rose to $ 652.52 per metric ton
Local Forex and Fuel Stock [19659016]. about 1.92% during the reporting period, after showing some stability in the previous pricing window.
The dollar is currently in GH ¢ 4.77 against GH ¢ 4.68 in the last price window. About 6,500 tons of LPG, 36,460 tons of Gasoil, 37,300 tons of gasoline and 10,000 tons of ATK have been unloaded from ships to add to the country's fuel stock.
PROJECTIONS OF THE SECOND WINDOW OF JULY 2018
Events in the international oil and fuel markets, combined with the persistent depreciation of the local currency, paved the way for a potential increase in fuel prices in the world. country; the Institute for Energy Security provides.
The price of crude oil jumped by 3.1%, gasoline and diesel rose respectively by 4.58% and 2.29%; and the Cedi has depreciated by about 1.92% against the US dollar over the past two weeks.
The potential increase in the price of fuel on the local market can, however, be anticipated or mitigated if the National Hydrocarbons Authority (NPA) begins to stabilize prices. Levy mechanism of recovery
Signed: MIKDAD MOHAMMED
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