Ghanaians to pay more for fuel according to IES

A motorist holds a fuel pump at a Gulf petrol station in London,  file. REUTERS/Luke MacGregor/File Photo
  • The Institute for Energy Security has predicted that fuel prices will increase by 2 pesewas.
  • IES indicated that the fuel price increase is due to the upward adjustment in the prices of crude and finished product.
  • However, IES added that the deregulation system will make some Oil Marketing Companies keep their prices stable.

The Institute for Energy Security (IES) has predicted that fuel consumers are expected to pay 2 pesewas more for every litre of fuel they buy at the pump.

This prediction is coming after Ghana has had more than six Pricing-windows of continuous fuel price declines and stability

According to the IES, the fuel price increase is due to the upward adjustment in the prices of crude and finished product.

The institute also stated that the increase is due to “Gasoil seeing a substantial increment of 6.17 percent and average Brent crude price going up by 7.47 percent over the past two weeks.”

It further indicated that the depreciation of the Cedi by 2 percent remains the single key variable in eroding the price gains on the local fuel market over the past weeks, and moving a liter of fuel especially Gasoil beyond the Ghc5 per liter threshold once again.

The IES added that the deregulation system currently used by Ghana will cause some Oil Marketing Companies (OMCs) to keep their prices stable to attract or maintain market shares.

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