The Institute for Energy Security (IES) is forecasting between 16 and 24% drop in prices of fuel on the local market in the first Pricing-window for April 2020.
This is due to the significant fall of 33.36% in price of Brent crude, coupled with the considerable drop in the prices of petrol (51.29%) and diesel(27.96%) on the international market. Crude oil prices remain largely below $30-margin for this window due to a drowning global oil market as a result of unmanageable surplus as world’s largest economies lockdown, cutting consumption by 25%.
However, the cedi depreciated by 4.68% against the U.S. dollar in the last two weeks, trading at an average price of GH¢5.59. This is from the previous rate of GH¢5.34 recorded in the first Pricing-window of March, 2020.
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