• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Consumers may pay extra pesewas for fuel – IES

4 years ago
in Energy, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
137
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

REVIEW OF MAY FIRSTPRICING-WINDOW

Local Fuel Market Performance

Price of fuel on the local market increased by about 11% within the first pricing window of May 2021 from the previous window. Petroleum products: gasoline and gasoil, within the period under review saw the Oil Marketing Companies (OMCs) increase prices at the start of the pricing window only to be revised following a downward review of the new margins introduced in the price build-up soon after the jump in prices at the pump.

The current national average price of fuel per litre at the pump is pegged at Gh¢5.78 for both products.

For this Pricing-window, Zen Petroleum, Benab Oil, Goodness Oil, Petrosol and Frimps Oil were picked up by the IES Market-Scan as the OMCs with the least-priced petroleum products at their pumps.

World Oil Market

The second pricing-window of April saw the international benchmark, Brent crude price average about $67.82 per barrel mark representing a 3.21% increase from the previous window’s average price of $65.71per barrel.

RelatedPosts

The Perils of Market Interventionism: When Political Pressures Threatens Ghana’s Economic Gains – The Way Forward

GAB Projects Drop in Lending Rates Starting August 6 Following BoG’s 300bps Policy Rate Cut

Local Bourse Rallies Strongly as GSE-CI Hits Near 7,000 Mark

Source: IES Construct 2021, with data from oilprice.com

The Brent Crude price reacted to the usual volatilities in the market within this window. The volatility in the market that saw prices rise to near $69 per barrel was a result of news of the global fuel glut clearance announced by the IEA which it attributed to the fuel supply drop by the OPEC+. Also, the accelerating vaccinations and rising fuel demand due to a rebound in transportation fuel consumption also contributed to the steady rise in fuel prices.

Gasoline and Gasoil prices as monitored on Standard and Poor’s global Platts platform show that price of the international commodities Gasoline and Gasoil experienced marginal differences within the period.

Gasoline experienced another increase in price by 4.18% in the period under assessment to close the window at $656.63per metric tonne from an earlier $630.25 per metric tonne. Gasoil price also saw an increment 4.84% within the period to close trading at $545.50 per metric tonne from the April second pricing-window’s price of$520.32per metric tonne.

Local Forex

Data collated by IES Economic Desk from the Foreign Exchange (Forex) market shows the Cedi appreciated marginally against the U.S. Dollar by 0.17% from the previous window’s Gh¢5.76 to the current Gh¢5.75 to the US Dollar.

PROJECTIONS FOR MAY 2021 SECOND PRICING-WINDOW

The 3.21% increase in price of the International Benchmark- Brent crude together with the 4.84% increase in price of Gasoil and the 4.18% increase in Gasoline price, and with global crude prices hovering around $69 per barrel mark, OMCs in Ghana may have to revise fuel prices upwards again in the coming pricing-window whereas others may also stay their current prices at the pump to increase their market share.

This is coming nonetheless, on the back of the cedi appreciation of 0.17% against the US Dollar.

Source: Institute for Energy Security
Via: norvanreports
Tags: gasoline and gasoilOil Marketing Companies (OMCs)Standard and Poor’s global Platts platform
No Result
View All Result

Highlights

Treasury Exceeds Auction Target of GHS 3.86 Billion Amid Tightening Yields

BoG Raises GHS 15.38 Billion via 56-Day Bills to Reinforce Tight Monetary Policy Stance

Passage of Competition Law Key to Tackling DSTV’s Market Dominance – CUTS International

Why Are Interest Rates Still High? The MPR vs Market Rates Debate

Climate Change Is Making Africa’s Debt Burden Worse – New Debt Contracts Could Help

Nigeria’s EV Market is in Vogue as Foreign Investment Pours in

Trending

Business

The Perils of Market Interventionism: When Political Pressures Threatens Ghana’s Economic Gains – The Way Forward

August 4, 2025

The Perils of Market Interventionism: When Political Pressures Threatens Ghana's Economic Gains - The Way Forward Ghana’s...

GAB Projects Drop in Lending Rates Starting August 6 Following BoG’s 300bps Policy Rate Cut

August 4, 2025

Local Bourse Rallies Strongly as GSE-CI Hits Near 7,000 Mark

August 4, 2025

Treasury Exceeds Auction Target of GHS 3.86 Billion Amid Tightening Yields

August 4, 2025

BoG Raises GHS 15.38 Billion via 56-Day Bills to Reinforce Tight Monetary Policy Stance

August 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.