Price of petrol to remain stable, diesel to go up in first pricing window of October – IES

The Institute of Energy Security (IES) has projected that the price of gasoline (petrol) will remain stable on the domestic market at the various pumps in the first pricing window of October.

According to the IES, the price of gasoil (diesel) will however record an increase in prices at the pumps on the domestic market.

“For the first Pricing-Window of October, the 4.57 per cent increase in the price of the International Benchmark- Brent crude, the 2.07 per cent increase in price of Gasoline, the 10.28 per cent increase in Gasoil price, the 0.63 per cent depreciation of the local currency against the US Dollar; the Institute for Energy Security (IES) projects for the price of gasoil to increase and price of gasoline to remain stable on the domestic market at the various pumps as we enter October,” a press release from IES dated September 29 has said.

Within the second pricing-window of September, prices of petroleum products saw a marginal increment in the local market.

The local Oil Marketing Companies (OMCs), increased their price of petroleum products between 1 to 2 per cent at the various pumps.

The increase was in response to the increase in prices on the international market and the depreciation of the local currency against the US Dollar.

The current national average price of fuel per litre at the pump is pegged at Gh¢6.18p for both Gasoline and Gasoil.

It is as a result of the performance of the cedi against the dollar, and several indicators on the international market, that the IES projects that the prices of gasoline and gasoil will remain stable and increase respectively in October.

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