Fuel price to stabilize in early December-IES predicts

Consumers will not experience any significant price change at the pumps in the first pricing window of December.

This is according to the Institute of Energy Securities (IES) which has predicted that prices will remain fairly stable in the next pricing window.

Principal Research Analyst at the IES Richmond Rockson who spoke to Citi Business News said despite the fast depreciation of the cedi against the dollar, the effect on petrol prices will be minimal.

“In the next pricing window which is the first pricing window in December , we for see fuel prices remaining fairly stable, when I say fairly stable what I mean is that we are not expecting any price change and even if there will be a change in prices it won’t be significant”.

“The cedi is depreciating at a fast rate even though it is selling around 4 cedis 6 pesewas on the foreign exchange market. The average for the period is 4 cedis 48 pesewas as compared to the previous average of 4 cedis 41 pesewas”.

He explained that the depreciation of the cedi would reflect in a price change of less than one percent for petrol and therefore will be insignificant.

“Virtually a depreciation of 1.5 percent. Crude oil prices have remained fairly stable as well the difference is less than one percent,” he said.