As we journey into October, the Institute of Power Safety (IES) has projected diesel costs to extend within the first pricing window of October. The institute is nonetheless predicting a secure worth for petrol on the numerous pumps.
This prediction, in accordance with the IES is on account of the efficiency of the Cedi towards the Greenback, and a number of other indicators on the worldwide market of which embrace the rollout of the COVID-19 vaccines and the disruption within the provide of petroleum merchandise attributable to the delta variant.
Worth of Diesel in October
“For the primary Pricing-Window of October, with the 4.57 p.c improve within the worth of the Worldwide Benchmark- Brent crude, the two.07 p.c improve in worth of Gasoline, the ten.28 p.c improve in Gasoil worth, the 0.63 p.c depreciation of the native forex towards the US Greenback; the Institute for Power Safety (IES) initiatives for the value of gasoil to extend and worth of gasoline to stay secure on the home market on the numerous pumps as we enter October,” IES mentioned in a press launch dated September 29.
“The continued rollout of the COVID-19 vaccines throughout all economies which has led to the easing of journey restrictions imposed by international locations as a measure to curb the pandemic shored up demand for oil and its merchandise. The surprising rise in demand has not been met with an sufficient provide thereby pushing costs up leading to three straight weeks of acquire,” IES additional said.
Worth of Diesel & Petrol in Second pricing window in September
In keeping with IES, the second pricing window in September witnessed a marginal improve within the worth of petrol and diesel on the native market. Native Oil Advertising and marketing Firms (OMCs) elevated the value of petrol and diesel between 1 to 2 per cent on the numerous pumps in response to cost increment on the worldwide market and the depreciation of the Ghana Cedi to the US Greenback.
Market analysis by the IES exhibits that native OMCs with the least priced gasoline embrace Benab Oil, Prime Oil, Zen Petroleum, Money Oil, and Goodness Oil.
The present nationwide common worth of gasoline per litre on the pump is pegged at Gh¢6.18p for each Gasoline and Gasoil.
Foreign exchange market
In keeping with IES, the Ghana Cedi depreciated towards the US Greenback by 0.63% to shut the second pricing window in September at GH¢6.05 to the US Greenback from the earlier window’s worth of GH¢6.01 to the US Greenback.
Costs of Diesel and Petrol in October – COPEC prediction
Because of a rise in world crude oil costs, Duncan Amoah, Govt Secretary of the Chamber of Petroleum Customers has referred to as on Ghanaians to count on an extra improve in diesel and petrol costs on the pump within the coming weeks.
He said that some stakeholders have additionally speculated that the present gasoline disaster in the UK might play a job within the worth increment. Mr. Duncan, nonetheless, believes the UK gasoline downside may have no position to play within the worth improve.
“I can’t be shocked Ghanaians will find yourself paying a bit of extra for gasoline within the coming days as a result of the outlook on the worldwide market has merely been one in every of a rise and sadly I don’t see how the UK situation has contributed to this, the straightforward answer for the UK will probably be to get much more of those drivers to move gasoline,” Mr. Amoah mentioned.
With the expectation of petrol and diesel worth improve within the coming weeks, Mr Duncan famous that if the federal government doesn’t intervene, gasoline costs might hit GHc7 per litre.
Regardless of the predictions, Ghanaians should take crucial precautions to economize on gasoline.
The UK gasoline disaster
At present, the UK is dealing with a scarcity of truck drivers, which has led to empty gasoline pumps throughout the nation, creating lengthy queues at gasoline stations and panic shopping for.
On Thursday, September 29, it was reported by the Petroleum Retailers Affiliation (PRA) that greater than 1 / 4 (27%) of its members’ petrol stations have been out of gasoline in contrast with two-thirds on Sunday.
