Ghanaians must expect to pay more for fuel as prices go up today according to the Institute for Energy Security

IES predicts fuel price increase
  • In the first fuel pricing window the expected fuel price increase was not implemented.
  • However, the Institute of Energy Security has predicted an increase in fuel prices in the second pricing window.
  • The IES argued that the prices of fuel may be increased to "compensate for the substantial increment of prices on the international market.”

The Institute for Energy Security (IES) has said that Ghanaians should expect an increase in fuel prices in the second pricing window.

The second pricing window begins today.

In a statement, IES said, “although the prediction takes into account the Cedi’s marginal gain, Oil Marketing Companies (OMCs) may still increase prices at the pump to compensate for the substantial increment of prices on the international market.”

It said the IES “foresees prices of fuel on the local market losing stability”.

The IES considered the 2% increase in the price of crude oil, coupled with the 0.95% and 1.01% marginal increment in the prices of gasoil and gasoline respectively.

The energy think tank said the expected marginal increases in local fuel prices during the first half of January 2020 was not implemented due to the application of the Price Stabilization and Recovery Levy (PSRL) by the National Petroleum Authority (NPA).

This was to absorb the shocks of the marginal increase in the prices of oil and fuel on the international market in late December 2019.

This led to the sale of fuel at a national average of GHC5.36 per litre at the pump for both gasoline and gasoil.

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