Banking and Finance

Cedi loses stability against US dollar for first pricing window of December – IES

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Fuel prices remained largely stable for the first pricing window of December 2020.

This is according to a review by the Institute for Energy Security (IES).

Oil Marketing Companies (OMCs) maintained prices of gasoline and gasoil at the pump with a few of them increasing their prices.

The increase in prices was in response to international developments.

Currently, the national average price of fuel per litre at the pump is GH¢4.57.

According to IES’ market scan, “Zen Petroleum, Benab Oil, Petrosol and Frimps Oil sold the lowest price per litre of gasoline and gasoil at the pump.”

The Ghana cedi also lost its stability marginally against the US Dollar by 0.52 percent to trade at an average price of GH¢5.79 over the first pricing window for the month of December.

The IES, however, projects that for the second pricing window for the month of December, “owing to the 7.06 percent increase in prices of international benchmark – Brent crude, the 7.5 percent increase in prices of gasoline, the 9.3 percent increase in gasoline prices and the 0.52 percent decline of the local currency against the U.S. dollar,” prices of fuel on the domestic market will remain stable, as the end of year festivities approach.

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