Ghanaians will soon pay more for fuel; price likely to increase to GHC5 a litre – IES

Ghanaians will soon pay more for fuel; price likely to increase to GHC5 a litre – IES

- The Institute of Energy Security (IES) has predicted that Ghanaians are likely to pay more for fuel in the coming days

- The prediction follows a rise in the price of fuel on the international market

- Fuel prices fell to an average of GHC4.01 per litre but could soon rise to GHC5 per litre

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The Institute of Energy Security (IES) has predicted a likely rise in fuel prices in Ghana.

This could be the result of a surge in prices of fuel on the international market, has learned.

In that respect, the current average pump price could increase from GHC4.01 a litre to GHC5 per litre.

READ ALSO: Total announces 35% fall in net profit as global oil prices fall

Per a report by the Business and Financial Times, the energy think-tank argued that Oil Marketing Companies (OMCs) are likely to adjust pump prices to reflect changes on the international scene.

The outbreak of the coronavirus led to a fall in fuel prices on the international market, as there were restrictions on movement as well as a decrease in economic activities.

This led to a surplus in oil production and raised concerns about the storage of the product.

The increase in fuel price is likely to lead to challenges in the wake of rising prices of food items and a slowdown of economic activities.

The IES called on Ghanaians to ready themselves for “…a possible turbulent drive in the next few months, should the recovery from the damage to demand on the international oil and fuel market be much quicker, resulting in the higher international oil and fuel prices.”

Meanwhile, reports coming in show that Ghana is likely to lose an estimated GHC4,149,467,250 in the wake of falling oil prices on the world market. understands that this represents about half of Ghana’s projected oil revenue for 2020.

The situation would become a reality if oil prices continue to decline or stay at around $30 a barrel for the rest of the year.

READ ALSO: Kosmos records $183 million loss in 2020 Q1; assets valued at $151 million - Report

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