Fuel prices expected to reduce - IES

Fuel consumers across the country are likely to enjoy lower pump prices in the second pricing window of October.

The latest forecast by the Institute of Energy Security (IES)  estimated 3% drop in fuel prices.

The product’s price has from the beginning of the year -2017, witnessed a marginal increase mainly because of the sustained depreciation of the Ghana cedi as well as other factors.

Principal Research Analyst at the IES, Richmond Rockson says: “in this pricing window, the cedi has appreciated as compared to the last pricing window. Also, crude oil prices on the international market have stabilized and when you consider the international prices on gasoline and gas oil prices, they have also come down marginally and this is why we are expecting prices to drop in the second window”.

In expression of optimism of the anticipated impact the potential decline fuel price will have, Mr. Rockson said the IES believes it will bring some respite to consumers because, “we all know that over the period, prices have gone up and everybody has complained. In the last pricing window just as we predicted fuel prices came down marginally between 0.5 and 1 percent”.

Across the Ghanaian public, there is widespread anticipation that this possible reduction in pump prices of fuel will impact positively on the cost of transportation in the country – a reality that is often not the case with past decreases.