• 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

Fuel prices may remain stable in the second pricing window of July – IES

4 years ago
in Energy, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
IES - norvanreports

IES - norvanreports

80
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Local Fuel Market Performance

Price of fuel on the local market remained stable within the window under review. Within the first Pricing-window of July 2021, majority of the Oil Marketing Companies (OMCs) maintained their prices of Petroleum products at the pump. The national average price of fuel per litre at the pump is still pegged at Gh¢5.97 for both Gasoline and Gasoil.   

For this Pricing-window, Zen Petroleum, Benab Oil, Cash Oil, Goodness Oil, Top Oil and Frimps Oil sold the least-priced fuel on the local market according to the IES Market-Scan.

World Oil Market

For the window under assessment, international benchmark, Brent crude price averaged about $74.98 per barrel mark representing a 1.35% increase from the previous window’s average price of $73.98 per barrel mark.

Source: IES Construct 2021, with data from oilprice.com, Bloomberg and Financial Times.

The first pricing window of July saw some volatilities in the price of the international benchmark Brent Crude propelled mainly by the fallout from the OPEC+ meeting at the beginning of the month.

RelatedPosts

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

Senegal and Mercedes-Benz Partner to Build Trucks

Oil prices were in reverse gear within the period due to the spat from the OPEC+ meeting which had UAE blocking an agreement by the bloc on an increase in production output.

UAE’s intention is in response to its request for an increase in its baseline production in direct relation to their investment and upgrade in their production infrastructure. This, they believe is crucial to enable them increase their oil production before demand slumps again.

The spat caused oil prices to rise above the $77 mark, the highest since 2018.

The strong signs of a demand recovery in Asian markets from particularly China and India also influenced the price increments in this window coupled with the bullish report from the US Energy Information Administration of an increase in US Gasoline consumption.

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

Gasoline saw an increase in price by 2.88% to close the window at $714.77 per metric tonne from an earlier $694.78 per metric tonne in the previous window. Gasoil price also increased by 0.01% to close trading at $597.35 per metric tonne from the earlier window’s price of $597.30 per metric tonne.

Local Forex

Data collated by IES Economic Desk from the Foreign Exchange (Forex) market shows the Cedi depreciated against the U.S. Dollar by 1.39% trading at Gh¢5.85 to the US Dollar from the previous window’s Gh¢5.77 to the US Dollar.

PROJECTIONS FOR JULY 2021 SECOND PRICING-WINDOW

The 1.35% increase in price of the International Benchmark- Brent crude together with the 2.88% increase in price of Gasoline, the 0.01% increase in Gasoil price and the 1.39% depreciation of the local currency against the US Dollar; the Institute for Energy Security (IES) projects a slight upward adjustment in the price of fuel on the domestic market at the various pumps, particularly for Gasoline (Petrol).

The existing competition between the various OMCs will cause many others to however maintain their prices from the previous pricing window.

Source: IES
Via: norvanreports
Tags: Benab OilCash OilGoodness OilOil Marketing Companies (OMCs)prices of Petroleum products at the pumpZen Petroleum
No Result
View All Result

Highlights

INTERPOL Recovers Over $90 Million From African Crime Syndicates

Djokovic and Gauff Gear Up for US Open with Strategic Focus

CHAN: Morocco and Madagascar Advance to Semi-Finals, Ending Kenya and Tanzania’s Dreams

Chelsea Thrash West Ham 5-1, Increasing Pressure on Former Boss Graham Potter

Lithium Price Surge to be Short-Lived, Analysts Say

Gold Fields Targets 20% of Global Output from Tarkwa Mine by 2026

Trending

Business

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

August 23, 2025

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals The Trump administration is considering...

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

August 23, 2025
Von links nach rechts: Général Birame Diop, Verteidigungsminister ; Franziska Cusumano, CEO Mercedes-Benz Special Trucks (Daimler Truck AG) ; Cheikh Ibrahima Cisse, Präsident GTS Senegal  From left to right: Général Birame Diop, Minister for the Armed Forces (Defence) ; Franziska Cusumano, CEO Mercedes-Benz Special Trucks at Daimler Truck ; Cheikh Ibrahima Cisse, President GTS Senegal

Senegal and Mercedes-Benz Partner to Build Trucks

August 23, 2025

INTERPOL Recovers Over $90 Million From African Crime Syndicates

August 23, 2025

Djokovic and Gauff Gear Up for US Open with Strategic Focus

August 23, 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.