Drivers to pay more for fuel as prices go up today - IES

Drivers to pay more for fuel as prices go up today - IES

- The Institute for Energy Security has predicted fuel hikes in the second pricing window which begins today

- IES added that it foresees prices of fuel on the local market losing stability

- IES assessment of the world oil market showed that crude oil prices remained above the $60-dollar margin for the first half of January 2020

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The Institute for Energy Security (IES) has predicted fuel hikes in the second pricing window which begins today, January 16, 2020.

In a release presenting a summary of the market performance for the first pricing window of January 2020, the IES stated that Oil Marketing Companies (OMCs) may still increase prices at the pump to compensate for the substantial increment of prices on the international market.

IES added that it foresees prices of fuel on the local market losing stability.

The energy think tank came to this conclusion taking into consideration the increment in prices of crude oil, gasoil and gasoline respectively on the international market.

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IES assessment of the world oil market showed that crude oil prices remained above the $60-dollar margin for the first half of January 2020.

Escalation of tension between the United States and Iran saw Brent Crude gaining 6 per cent to reach $70.24 per barrel – the first-time prices have hit that amount in more than six months.

Over the last two weeks, Brent crude rose marginally from $65.43 per barrel to close at $66.74 per barrel on average terms.

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Meanwhile, the Institute for Energy Security (IES) in December 2029 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

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Source: Yen.com.gh

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