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.

Our newsletter gives you access to a curated selection of the most important stories daily.

Welcome to the Pulse Community! We will now be sending you a daily newsletter on news, entertainment and more. Also join us across all of our other channels - we love to be connected!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Pulse Influencer Awards 2022 is Live!

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Sadio Mane the odd one out as Bayern Munich stars take team photo with glasses of beer

Sadio Mane the odd one out as Bayern Munich stars take team photo with glasses of beer