Institute for Energy Security reveal fuel prices to remain stable due to Cedi appreciation

Institute for Energy Security reveal fuel prices to remain stable due to Cedi appreciation

The Institute for Energy Security (IES), has revealed that the prices of fuel at the pumps would remain stable.

According to the IES, that is largely due to the nearly consistent strength of the local currency the Ghana Cedi .

The IES said the cedi's appreciation against the dollar could render an increment in prices.

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"The Cedi’s appreciation against the U.S Dollar could render the marginal increment in prices of finished products on the international market negligible to be passed on to the final consumer.

Whereas Gasoline went up 1.24% and Gasoil shot up 0.09%, the market could play out favourably for consumers because of the gain of 1.15% the Cedi recorded against the U.S Dollar,” the IES said in a statement.

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Source: Yen

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