Fuel Prices To Fall In Second Half Of November — IES Predicts

The Institute for Energy Security (IES) is projecting fuel prices on the domestic market to go down in second half of November this year.

IES said it is as a result of indications from the first half of the window.

According to IES, prices of fuel on the local market remained stable within the window under review. In addition, prices of petroleum products within the first Pricing-window of November 2020 saw the majority of Oil Marketing Companies (OMCs) maintaining prices of Gasoline and Gasoil.

That together with the Ghana Cedi appreciating, IES says there is a good chance fuel prices on the local market will drop.

“Owing to factors including the 4.44% decrease in prices of International Benchmark- Brent crude, the 2.62% decrease in prices of Gasoil, the 6.07% decrease in Gasoline prices and the 0.17% appreciation of the local currency; the Institute for Energy Security (IES) projects prices of fuel on the domestic market going down as we enter the second half of November 2020,” a statement from IES has said.

Find the full assessment from IES below: