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Consumers of Petrol and Diesel should Expect a Further Drop in Prices- IES Hints

Customers of petrol and diesel should expect a further dip in the it's prices as the price of crude oil falls on the world market, IES predicts.

In IES's pricing window forecast for May 2020, it stated that going by the 13.05 percent reduction in price of Crude oil, combined with the 20.96 percent and 18.45 percent substantial fall in the prices of Gasoil and Gasoline respectively on the international market, it envisions prices of fuel on the local market losing stability in the first pricing-window of May, 2020.

“The expected fall in prices of fuels at the pump, takes into account the local currency’s marginal depreciation against the U.S. Dollar,” as vividly recounted

Raymond Nuworkpor, Research & Policy Analyst at IES detailed that data gathered by IES Economic Desk from the Foreign Exchange market shows the Cedi depreciated by 1.07 percent against the U.S. Dollar, trading at an average price of GH¢5.69 to the U.S. Dollar over the period; a clear departure from the GH¢5.63 recorded in the first Pricing-window of April, 2020.

“Following this, Brent crude declined by 13.05 percent from US$29.88 per barrel recorded at the end of the first Pricing-window of April to close at US$25.98 per barrel on average terms at end of the second window,” Mr. Nuworkpor added.

The prices of fuel has dipped drastically since the advent of the deadly coronavirus and its said to further decline. This sounds like good news for road users and general users of petrol and diesel.

Content created and supplied by: JoeyFod (via Opera News )

Diesel IES Petrol Raymond Nuworkpor U.S. Dollar

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