Institute for Energy Securities has predicted stable fuel prices on the
domestic market for the next two weeks despite marginal increases on the
world market.
The IES believes that the Ghana Cedi's insignificant depreciation
against the Dollar and the relatively stable price of Oil on the world
market contributes to the outcome locally.
The forecast was contained in a press release signed by
Richmond Rockson, Principal Research Analyst of IES.
It stated that "with the marginal depreciation of the local currency
against the U.S. Dollar, the fairly stable prices Gasoline and Gasoil in
particular on the international commodity market, and the insignificant
price change in Brent crude. the Institute for Energy Security (IES)
foresees prices on the local fuel market remaining fairly stable over
the next two weeks."
The IES also expressed disappointment at the inability of National
Petroleum Authority to actualise a 1%-3% reduction that was predicted
previously after the downward review of the Special Petroleum Tax.
They disagreed with NPA's justification of the matter.
"After several weeks of price hikes which led to the downward review of
the Special Petroleum Tax (SPT), one would have expected that petroleum
consumers to have benefitted from favourable oil indicators.
Unfortunately, consumers were shortchanged as the expected 1 to 3% price
drop failed to reflect at the pumps. This according to the National
Petroleum Authority (NPA), was as a result of the restoration of the
Price Stabilization and Recovery Levy which was removed (PSRL)" the
statement noted
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