"Central Bank makes available to BDCs $60m for fuel imports"

" Central Bank makes available to BDCs $60m for fuel imports \r\n\r\nThe Central Bank achieved its forex forward auction target of $60m in the sale of the US dollar to Bulk Oil Distribution Companies (BDCs) in the country.\r\n\r\nThe 30-day tenor $60m forex auction by the BoG was subscribed by 23 BDCs who through their banks submitted bids ranging from $8.10 to $10.50.\r\n\r\nThe BoG\u2019s forex forward rate for the auction was $9.55.\r\n\r\nThe forex forward auctions by the BoG to BDCs is intended to minimise the uncertainty of the future availability of forex and aid price discovery especially for the general pricing window within the downstream sector.\r\n\r\nWith the exclusive forex forward auction to BDCs by the BoG, prices of imported fuel at the pumps is expected to witness some stability.\r\n\r\n Fuel prices set to return to single digits in 2023 \u2013 IES projects \r\n\r\nMeanwhile, the Institute for Energy Security (IES), is projecting a further reduction in the prices of petroleum products at the pumps at beginning of the first pricing window of the month of January 2023.\r\n\r\nAccording to the IES, domestic OMC\u00a0outlets are set to reduce their prices significantly in the first week of 2023, with some selling at single digits.\r\n\r\nPer projections by the Think Tank, prices of petroleum products are set to reach GHS 9.50 (petrol), \u00a0GHS 11.60 (diesel) and GHS 9 (LPG) respectively.\r\n\r\nThe anticipated decline in the prices of petroleum products at the pumps, the IES notes, is on the back of the 5.28%\u00a0and 5.09% fall in the prices of Gasoline and LPG respectively and the 26.51% appreciation of the Cedi against the US Dollar in the second pricing window of December.\r\n\r\n \u201cDespite the marginal rise in the price of Gasoil on the international market, the Ghana Cedi\u2019s appreciation against the Dollar will force prices down locally,\u201d it added.\r\n\r\n Local Fuel Market Performance \r\n \r\n \r\n \r\n \r\n \u00a0The second pricing window of December 2022 saw international market price falls and the Ghana Cedi\u2019s appreciation against the US Dollar reflecting on the domestic fuel market positively at all Oil Marketing Companies (OMC) outlets monitored by the Institute for Energy Security (IES). The price reductions seen over the pricing window peg the national average price per litre of Gasoline at Gh\u00a212.68 from Gh\u00a215.16, representing a 16.36% reduction over the period. Gasoil\u2019s national average price per litre moved from Gh\u00a218.78 to Gh\u00a215.55; falling by roughly 17.20%. \r\n \r\n \r\n \r\n \r\nIn the pricing window under review, the IES MarketScan picked Nasona, Shell\/Vivo, TotalEnergies, Engen, Sel, and Goil as OMCs with the highest-priced fuel on the market. Star Oil, Frimps, Benab Oil, Zen Petroleum, and Goodness Oil were spotted as some of the OMCs with the least-priced fuel on the market.\r\n\r\n World Oil Market \r\n\r\nInternational Crude oil benchmark Brent fell by 0.51% in price over the previous window\u2019s average price of $81.90 per barrel to the present average price of $81.48 per barrel.\r\n\r\n<img class=\"size-medium wp-image-77662 aligncenter\" src=\"https:\/\/norvan.soscodesoftware.com\/wp-content\/uploads\/2022\/12\/Untitled-21-300x128.png\" sizes=\"(max-width: 300px) 100vw, 300px\" srcset=\"https:\/\/norvan.soscodesoftware.com\/wp-content\/uploads\/2022\/12\/Untitled-21-300x128.png 300w, https:\/\/norvan.soscodesoftware.com\/wp-content\/uploads\/2022\/12\/Untitled-21.png 594w\" alt=\"\" width=\"300\" height=\"128\" data-pin-no-hover=\"true\" \/>\r\n\r\nLast week, Beijing announced the most sweeping changes to its strict Covid-19 guidelines, including relaxing testing requirements and travel restrictions.\r\n\r\nA slowing worldwide economy, China\u2019s recent lockdowns, and a stronger dollar have brought the price of oil down more than 23% in the last six months.\r\n\r\nOil prices rose on Friday on expectations of lower Russian crude exports from the Baltic region in December, offsetting worries that a looming Arctic storm across the United States could snuff out transport fuel demand growth this holiday season.\r\n\r\nOil prices continued to pose gains slightly within the window on concerns that winter storms across the United States are affecting the logistics and production of petroleum products and shale oil."

"Central Bank makes available to BDCs $60m for fuel imports"

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