Fuel prices expected to reduce - IES

By Sam Edem
Fuel Station in Ghana
Fuel Station in Ghana

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”.