IES predicts fuel price increase by 2 pesewas for a litre

By Justice Kofi Bimpeh

The Institute for Energy Security, IES, is predicting a substantial rise in fuel prices at the pumps. Consumers are expected to pay 2 pesewas more for every litre of fuel purchased at the pump.

The news comes after more than six Pricing-windows of continuous fuel price declines and stability. IES attributes the increase to a shoot up in the prices of crude and finished product.

The institute also stated that the increase is due to “Gasoil seeing a substantial increment of 6.17 per cent and average Brent crude price going up by 7.47 per cent over the past two weeks”.

It pointed out that the depreciation of the Cedi by 2 per cent remains the single key variable in eroding the price gains on the local fuel market over the past weeks, and moving a litre of fuel, especially Gasoil beyond the Ghc5 per litre threshold once again.

Due to the deregulation system currently used by Ghana, the IES believes some Oil Marketing Companies (OMCs) are likely to keep their prices stable to attract or maintain market shares.

 Read also: Fuel prices drop slightly

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