Ghana’s Institute of Energy Securities (IES) has confirmed earlier predictions of an increase in fuel pump prices across the country.
This follows an earlier hint that the Ghanaian consumers would pay more at the pumps in the second pricing window of this month – November 2017.
In a disclosure to the media - Principal Research Analyst at the IES, Richmond Rockson said the fuel pump prices are expected to increase by about 3 – 6%.
He explained that the IES projection was due to the marginal depreciation of the cedi, as well as the increase in prices of gasoline and crude oil on the international market.
“This time crude oil prices have gone up on the international market, the average is around 62 dollars. It’s gone up by 7.7 percent from the previous average of 57.7 dollars. Gasoline prices have also gone up by around 8 percent. Gas Oil has also gone up by around 4 percentâ€, he said.
He added that the country’s stock or inventory level is relatively low as compared to what had existed previously.
“This put together is why we are projecting that, we expect prices to go up between three to six percent in the next pricing windowâ€, he stated.