Fuel prices to remain unchanged till year end

Fuel prices are expected to remain stable at the pumps for the second pricing window of December.

This means that fuel prices will remain unchanged till the end of the year.

The Institute of Energy Security (IES) who predicted this attributed the development to a relatively insignificant change in oil prices at the global market.

“We are not expecting any significant change in this pricing window whether prices are going to go down or going to go up it will not be more than one percent. Because when you look at the indicators you realize the cedi depreciated during the period.”

“The finished product, that’s for gasoline and gasoil all changed in price but it was really insignificant and gasoline did about one percent and gasoil did about 0.2 percent so it is not going to have any impact on pricing this time round” Principal Research Analyst at the IES Richmond Rockson told Citi Business News.

This is the second time that fuel prices have remained unchanged despite the National Petroleum Authority’s directive to Oil Marketing Companies and LPG Marketing Companies to adjust their tax margins following the seventy percent reduction in the Price Stabilization and Recovery Levy on diesel and LPG.

Mr. Richmond Rockson says prices will continue to remain within a stable range.

“Crude oil prices also went up marginally by just some one percent so it is also not going to have any significant impact” he emphasized.

He added that “All things being equal, prices would have remained same but government introduced a price stabilization and recovery levy to subsidize or keep prices at where it is now. The OMCs do not complain that the forex rates has affected the operations definitely they are going to do some reduction but just one percent otherwise prices will still remain the same.”