Home » Breaking News » 2.4% fall in Brent Crude price to cause a decline in diesel price at pumps – IES projects

2.4% fall in Brent Crude price to cause a decline in diesel price at pumps – IES projects

The Institute for Energy Security (IES) has projected a fall in the price of gasoil (diesel) at the various pumps continuing into the second pricing window of April.

The fall in the price of diesel, according to the energy think tank, follows a 2.4 percentage points fall in the price of Brent Crude oil on the international market from a previous window price of $65.22 per barrel to $63.65 per barrel.

Coupled with little changes in the price of gasoil and gasoline and a marginal depreciation of the cedi in the first pricing window of the month of April.

“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.”

“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 saw an increase in price by 1.83% to close the window at $619.88 per metric tonne from an earlier $608.73 per metric tonne. Gasoil price however decreased by 2.65% to close trading at $499.75 per metric tonne from the earlier window’s price of $513.35 per metric tonne.”

“Data collated by IES Economic Desk from the Foreign Exchange (Forex) market shows the Cedi depreciated marginally against the U.S. Dollar by 0.17% from the previous window’s Gh¢5.73 to the current Gh¢5.74 to the US Dollar,” noted IES.

Despite the 1.83 percentage points increment in gasoline at the end of the first pricing window, the IES posits that it expects prices of gasoline (petrol) to remain stable at the pumps in the second pricing window of April.

“Gasoline (petrol) prices are however expected to remain as we continue into the second half of April 2021,” stated IES.

The current national average price of fuel per litre at the pump, according to the IES, is still pegged at Gh¢5.16 for both products on the back of the stability in the prices witnessed in the first pricing window of April.

Source: Norvanreport.com

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