Fuel prices to go up by 3% – Institute for Energy Security

Increment in fuel prices have now become a norm in Ghana and this has brought about worry and mixed reactions from some Ghanaians on Social Media.

Barely three weeks ago, Ghanaians saw a push in the prices of fuel by more than 10% at the local pumps due to the introduction of new Covid-19 and fuel taxes.

This week, the price of fuel is expected to shoot up again by 3% and this is predicted by the Institute for Energy Security in its projection.

According to a statement by IES Research and Policy Analyst Fritz Moses, the IES expects the price of fuel to shoot up by 3% in Ghana which is Ghc 6.05 to Ghc 6.23 due to an increase in international benchmark to crude, gasoline and gas oil.

“With the 4.54% increase in the price of the International Benchmark- Brent crude, the 1.18% increase in the price of Gasoline, the 3.01% increase in Gasoil price and the stability of the local currency against the US Dollar; the Institute for Energy Security (IES) projects for the price of fuel on the domestic market at the various pumps to rise marginally,” IES said.

Although prices are expected to go up, some Oil Marketing Companies (OMCs), largely driving competition to increase their market prices may keep prices unchanged for June second pricing window.

Credit: Kessben Media

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