YEN has learnt that fuel prices in Ghana are expected to go up by 4% in June, according to a prediction by the Institute of Energy Security.
The Institution holds that the percentage rise is as a result of the depreciation of the cedi.
The cedi has currently depreciated by 1.18%, while the prices of oil and gas have also shot up in recent times.
Sections of the public have lamented the rise of fuel prices since the turn of the year.
However, Richmond Rockson – who serves as the Principal Research Analyst at IES – believes the above factors are responsible of the upcoming 4% increase.
“When you look at the figures for determining the price of fuel at the pumps, you realize that three of the indicators have gone up"
"Take into consideration the prices of crude oil on the world market and the average for the last window was around 50 dollars. As we speak it is around 53 dollars per barrel. Diesel also moved from 432 dollars per metric tons to 458 per metric tons,” he is quoted as saying by CitiBusinessNews.com.
According to him, oil and gas companies are most likely to increase the prices of fuel, adding that “we expect that when prices are going down as well they will apply same speed to be fair to the consumer.”
He called on consumers to be careful where they buy their fuels from, urging them to “buy from ones with the cheapest price to increase competition.
At the end of the day, competition drives down prices.”
Fuel prices have already been increased this year, and if the IES’s prediction is anything to go by, then it will be the second time in 2017 that the prices go up.
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