Fuel prices to go up in second-pricing window of April 2019

Fuel prices to go up in second-pricing window of April 2019

- IES projects increment in the price of fuel on the market

- IES wishes to conscientize Ghanaians to observe the displayed fuel price boards of the various OMCs before making purchases

Ghanaians should expect to pay more for fuel at the pumps, according to the Institute of Energy Security (IES).

The IES, in a statement, has predicted that fuel prices will go up in the second-pricing window of April 2019.

Considering the fact that average Brent crude price has gone up by 3.98% with a corresponding 12.97% increment in the price of Gasoline and 1.42% for Gasoil on the International market, the IES foresees a slight increment in the price of fuel on the market,” the statement signed by IES Research Analyst, Mikdad Mohammed, read.

Fuel prices to go up in second-pricing window of April

Fuel prices to go up in second-pricing window of April. Source: B&FT
Source: UGC

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According to the IES the recent 2.5% appreciation of the cedi against the dollar will not stop or prevent the price hike.

However, it said “while some OMCs could keep prices unchanged in order to maintain market share as part of the deregulation policy, most OMCs are likely to take advantage of the window to make up for previous ‘depressed’ margins.”

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“On that note, IES wishes to conscientize Ghanaians to observe the displayed fuel price boards of the various OMCs before making purchases in order to benefit from the deregulation policy’s competitive pricing,” it added.

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Source: Yen

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