Fuel prices to hit 5 cedis per litre

Fuel prices to hit 5 cedis per litre

- Prices of fuel are expected to increase to about 5 cedis per litre for the second pricing window in September

- According to the Institute of Energy Security (IES) this is largely due to the depreciation of the cedi

The Institute for Energy Security (IES) has projected that fuel prices are likely to increase again by the beginning of next week.

According to the Institute, prices of fuel at the pumps will most likely hit over Gh¢5 per litre in the coming week.

This projection was contained in the IES’s monthly window, which reviews the prices of fuel.

Fuel prices to hit 5 cedis per litre

Fuel prices to hit 5 cedis per litre

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The statement which was signed by Research Analyst, Mikdad Mohammed, said “every single indicator IES examined is pointing to an increment in local fuel prices for September 2nd Pricing-window.”

The release indicated that an average Brent crude price is up by 6.2%; finished products prices have shot up by 1.64% and 5.01% for Gasoline and Gasoil respectively.

While it remains a viable possibility that competition over market volumes could see some OMCs keep prices stable, the Institute projects that fuel prices will cross GH¢5 per litre,” sections of the statement read.

It added that the depreciation of the cedi against the US dollar is also a factor that could cause a rise in fuel prices.

READ ALSO: Pregnant woman carried over river loses baby in stillbirth

The IES therefore called on government “to take a strong decision on scrapping the Special Petroleum Tax in the Price Build Up (PBU) to provide relief to the Ghanaian public.

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