A new report shows that one litre of fuel in Ghana will exceed $1 in March this year

Institute of Energy Security (IES) has projected that a litre of fuel in Ghana is likely to exceed $1 dollar (equivalent GH¢5) in March this year.

A new report shows that one litre of fuel in Ghana will exceed $1 in March this year

The IES says the increment in the price of fuel is occasioned by the 6.33% rise in average Brent crude price, as well as a corresponding 8.81% and 5.56% increase in prices of Gasoline and Gasoil on the international market respectively.

The increment is also attributed to the cumulative depreciation of the Cedi against the U.S dollar.

A Research Analyst at the IES, Mikdad Mohammed in an interview said despite the Price Stabilization and Recovery Levy (PSRL) mechanism by the National Petroleum Authority (NPA) price of fuel has gone up.

He said, “factors for this particular window have been quite high relatively compared to previous figures since we entered 2019,” adding that “this will be the first major increment in prices at the pumps and this is one of the windows that IES is extremely certain about the increment,” he said.

The element of the price stabilization and recovery levy according to Mr Mohammed is part of NPA’s efforts to cushion consumers from the brunt of an increment. 

Fuel prices have largely remained stable since the beginning of the year. 

Prices, as set by Oil Marketing Companies (OMCs), has remained stable with a few marketers reviewing prices downwards to either attract or maintain their share of the fuel market.

However, the Institute for Energy Security (IES) remains confident that fuel prices in the First Pricing-window of March 2019 will cross the $1dollar (GH¢5) mark.

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