Fuel prices likely to remain unchanged in April – IES

Consumers should be able to heave a sigh of relief as the price of fuel at the various pumps for the first pricing window in April 2021 is expected to remain unchanged.

This is according to the Institute of Energy Security (IES).

IES in a press statement indicated that the 2.05% decrease in the price of the International Benchmark Brent crude, the 2.84% decrease in the price of Gasoil, the 1.89% decrease in Gasoline, and the relative stability of the local currency against the US Dollar during the period under review, can be attributed to their projection of unchanged prices at the pumps.

“Due to factors including the 2.05% decrease in the price of the International Benchmark- Brent crude, the 2.84% decrease in the price of Gasoil, the 1.89% decrease in Gasoline price and the relative stability of the local currency against the US Dollar; the Institute for Energy Security (IES) projects for the price of fuel on the domestic market at the various pumps to remain the same as we continue into April 2021,” IES explained in the statement.

The prediction comes even as fuel prices in the country have consistently seen a steady increase since the beginning of the year, sparking fears that consumers may end the year paying an all-time high rate per litre of petrol and diesel.

Current figures from the pumps show that prices of petrol and diesel which were both selling at an average price of GHS 4.7 per litre in December 2020, are now being sold at about GHS 5.45 at the major pumps.

Click here to read the full statement from IES