Fuel prices to go up

Fuel prices to go up

- The Institute of Energy Security (IES) has warned that fuel prices will rise “slightly” at the pumps

- According to the IES, the increase is because of the Cedi has shown a depreciated by 0.62% against the U.S. Dollar, from GH¢4.80 to GH¢4.83

The Institute of Energy Security (IES) has warned that there could soon be an increase in fuel prices if the National Petroleum Authority does not intervene to implement certain mechanisms.

The Institute said there has been an insignificant fall in Brent crude price, as well as a marginal depreciation of the Cedi against the U.S. Dollar

A statement from the IES, signed by Research Analyst, Mikdad Mohammed, said the prices of fuel could go up if the National Petroleum Authority fails to implement the Price Stabilisation and Recovery Levy (PSRL) mechanism.

READ ALSO: Ignore fake 2020 statement – John Mahama

An analysis of the trading currency’s relationship with the Cedi shows the local currency depreciated by 0.62% against the U.S. Dollar, from GH¢4.80 to GH¢4.83,” sections of the statement read.

It added: “Across the various terminals in the country, 8000mt of Butane, 60200mt of Gasoil, 37000mt of Gasoline, and 9700mt of Jet fuel were discharged to add on to the country’s stock of fuel; as supplied by Glencore, Sahara, Vitol, BP, and Trafigura to various Bulk Distribution Companies (BDCs).

“From the foregoing analysis – thus the increases in prices of finished products on the world market, the insignificant fall in Brent crude price, and the marginal depreciation of the Cedi against the U.S. Dollar; IES foresees prices of fuel rising slightly at the pump if the National Petroleum Authority (NPA) doesn’t kick-in the Price Stabilisation and Recovery Levy (PSRL) mechanism.

In other news:

YEN earlier reported that authorities of KNUST have converted all traditional halls of the school into mixed halls effective this September.

According to a statement singed by the registrar of the school, Ben O. Andoh, the conversion is in line with the university's aim of expanding access to female students.

Ghana News Today: President Akufo-Addo’s Tour | #Yencomgh

Subscribe to watch new videos

READ ALSO: Government to meet FIFA on Aug 16 in Zurich

Want to be featured on YEN.com.gh? Send us a message on our Facebook page or on Instagram with your stories, photos or videos.

Source: Yen.com.gh

Related news
Woman dies over no-bed syndrome at Korle Bu

Another woman dies over no-bed syndrome in Accra

Another woman dies over no-bed syndrome in Accra
YEN.com.gh
Mailfire view pixel