Reduction in fuel prices due to changes on international market not G4O – IES

The Institute of Energy Security (IES) says his prediction of fuel price reductions in the second pricing window is due to a marginal decline in international market prices.

According to IES, the impact of government’s gold-for-oil policy which is intended to cushion consumers to purchase fuel at a cheaper price is yet to be felt.

IES in its prediction for the second pricing window projected that petrol will sell at about GH¢14.40 and diesel around GH¢13.90.

Explaining the decrease in fuel prices to Citi News, Research Analyst at the IES, Adam Yakubu said, “let me state that what we are reporting at the moment is not as a result of the gold-for-oil policy but as a result of international market indicators and the domestic performance of the forex”.

“But the government has also given indications that early weeks of March, we will be receiving more consignment from the gold-for-oil policy. So let me say that from now till the end of the window, we might not see much from the gold-for-oil policy. But we still call for government to give more details so that we input it in our computation”.

Source: Citi Newsroom