Fuel prices to shoot up by 2.5% again - IES

- The Institute for Energy Studies (IES) is predicting a hike in fuel prices this month

- The Energy think tank says fuel prices primed to rise again on the local market by up to 2.5%

Ghanaians could soon experience a 2% increase in fuel prices, the Institute for Energy Security (IES) has projected.

This is due to the fact that prices saw an upward adjustment of some 2% in the first pricing window.

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In a statement signed by the Principal Research Analyst of the IES, Richmond Rockson, the Institute attributed the increase to a rise in some “fundamental indicators” such as rise in price of Gasoline, Gasoil and Brent crude on the international oil market.

Also, Ghana’s fuel stock as well as the fair-stability of the country’s local currency against the U.S. Dollar is another key indicator that fuel prices are likely to go up again, the IES said.

“This imminent price increase may be averted by an intervention from the National Petroleum Authority (NPA) if it decides to trigger the Price Stabilization mechanism in the second Pricing-window for April 2018,” sections of the statement read.

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It added that the imminent fuel hikes can be averted the Price Stabilization Mechanism is triggered by government.

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Source: YEN.com.gh