Business News of Tuesday, 18 July 2017
Prices of fuel are likely to remain stable in the second pricing window of July. This is the assertion of the Institute of Energy Security (IES).
The Institute of Energy Security (IES) believes the cedi to dollar exchange rate, as well as the country’s stock level which is around 185 million litres are key projections backing their prediction.
“The crude oil price in the world market, you look at the benchmark for finished product, you also look at the cedi to dollar exchange rate and take into consideration the stock level that we have in the country which is around 185 million litres which meets three weeks of national demand,” Principal Research Analyst at IES Richmond Rockson said.
The Institute in the first pricing window of July, predicted a drop in fuel of about 2%.
In an interview with Citi Business News, Mr. Richmond Rockson said prices will continue to remain unchanged.
The cedi continues to depreciate as well moving from an average of 3.46 pesewas to 4.39 pesewas. The crude oil price was fairly stable on the world market.
Bringing all these factors together, we believe prices on the markets in this particular window are expected to be fairly stable.”