Energy think tank IES warns of possible increases in fuel prices in a few days; gives reasons

Energy think tank IES warns of possible increases in fuel prices in a few days; gives reasons

- Fuel prices may increase in the first pricing window of June 2020, the Institute of Energy Studies has predicted

- The IES explained that the price increase could be the result of increases in prices of gasoline and gasoil on the world market

- On the average, a litre of petrol and diesel sell for GHC4.60 pesewas on average at the fueling stations

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The Institute of Energy Security (IES) has hinted at a possible increase in fuel prices during the first pricing window in June 2020.

According to the IES, the price would go above the rate charged in April 2020 and this is due to the 23.25% surge in the price of Brent crude oil.

It added that it could also be a result of the 41.80% and 22.68% increases in the prices of Gasoline and Gasoil respectively on the international market.

READ ALSO: We have reduced inflation, reduced interest rates and created jobs - Bawumia

Per a report by, the IES added that “the marginal depreciation of the local currency would also be another determinant for the Bulk Distribution Companies (BDCs) in selling to the OMCs, and that would definitely reflect at the pump.”

Presently, a litre each of petrol and diesel is sold for GHC4.60 pesewas on average.

IES revealed that Shell (Vivo), Total, Goil, Allied Oil, Star Oil, Petrosol and Puma Energy joined other Oil Marketing Companies (OMCs) to maintain prices at the pump, in the last pricing window. earlier reported that the Trades Union Congress (TUC) is currently in discussions with the government with regard to a possible waiver of the Vehicle Income Tax (VIT) for commercial drivers.

The decision forms part of efforts being implemented to cushion drivers in the wake of the outbreak of the coronavirus.

As part of measures to stem the spread of the COVID-19, commercial car owners and drivers were compelled to reduce the number of people seated on a row of seats by one.

READ ALSO: Bawumia predicts quick economic recovery for Ghana after COVID-19

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