Despite a 1.83 percentage points increment in the price of gasoline (petrol) on the international market, price of petrol at the various local pumps is expected to remain unchanged continuing into the second pricing window of April.
The projected stability in the price of the petroleum product is according to energy think tank, the Institute for Energy Security (IES).
According to the IES, the increase in gasoline price by 1.83 percent saw gasoline close the first pricing window at $619.88 per metric tonne from an earlier $608.73 per metric tonne.
“Gasoline (petrol) prices are however, expected to remain unchanged as we continue into the second half of April 2021,” stated IES in its assessment of the first pricing widow of April.
The anticipated stability in the price of gasoline (petrol) on the back of stable prices witnessed in the first two weeks of the month, is further supported by a decrease in the price of Brent Crude oil on the international market due to the clearing of the Suez Canal then blocked by Ever Given.
“For the window under assessment, international benchmark, Brent Crude price averaged about $63.65 per barrel mark representing a 2.40% decrease from the previous window’s average price of $65.22 per barrel mark.”
“The Brent Crude price experienced the usual volatility in the markets within the period. Prices began to rise on the news of a possible prolonged delay in the reopening of the Suez Canal after it had been blocked by the Ever Given vessel. Prices however begun to decrease when the canal was freed a few days after the blockage, setting aside the projected weeks-long delay,” stated the IES.
Meanwhile, price of gasoil (diesel) is also projected by the IES, to fall in the second pricing window on the back of a 2.65 percentage points decrease in price on the international market.
Gasoil on the international market as monitored by Standard and Poor’s global Platts platform, closed trading at $499.75 per metric tonne from the earlier window’s price of $513.35 per metric tonne.
Currently, the national average price of fuel per litre at the pump, according to the IES, is still pegged at Gh¢5.16 for both gasoline (petrol) and gasoil (diesel).
Read details of report below:
IES April 21 First Pricing Window Review by Fuaad Dodoo on Scribd
