Fuel prices to go up in New Year - IES projects

The Institute for Energy Security (IES) has projected that Ghanaians would have to pay more for fuel in the coming year.

In a statement signed by Research & Policy Analyst, Raymond Nuworkpor, he said the increase in the price of crude oil and gasoline on the international market could affect the price of fuel in the coming year.

The statement, however, added that the increment could be averted if the National Petroleum Authority (NPA) applies the Price Stabilisation and Recovery Levy

READ ALSO: The Year of Return campaign cost us about GHc6 million - Ghana Tourism Authority

“Taking into consideration the 4.07% increase in the price of crude oil as well the 4.59% and 5.05% increases in the prices of gasoil and gasoline on the international market, the prices of fuel on the local market potentially increases marginally despite the cedi recording some marginal gains against the dollar within the period.

The increases could be averted or its impacts minimised if the National Petroleum Authority (NPA) applies the Price Stabilisation and Recovery Levy (PSRL),” it noted.

The IES in its review of the December 2019 second pricing-window said, prices of petroleum products remained largely stable as it had predicted.

READ ALSO: Explainer: Ghana’s Year of Return and its benefits to the country

In other news, The Ghana Tourism Authority (GTA) has revealed that it spent about GHc6 million to promote the Year of Return campaign.

According to the Chief Executive Officer (CEO) of the GTA, Akwasi Agyemang, the GHc6 million excluded media documentaries.

Agyemang, however, indicated that the returns far exceeded the expenses incurred by the government.

READ ALSO: Year of Return: ‘It’s more than I expected’ – Akufo-Addo overwhelmed by turnout

Source: YEN.com.gh