Energy think tank, the Institute of Energy Security, IES has disclosed that consumers are likely to pay more for fuel for the first window in June.
According to the IES, prices will shoot up slightly from what consumers enjoyed at the pump in April and May.
Speaking on Citi FM in Accra, the IES said this increase will be due to the significant increase in the prices of Gasoline and Gasoil respectively on the international market.
“Going by the 23.25% surge in price of Brent crude oil, in addition to the 41.80% and 22.68% significant rise in the prices of Gasoline and Gasoil respectively on the international market; the Institute for Energy Security (IES) foresees prices of fuel on the domestic market going up, and above April 2020 levels,” it said.
It 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.”Fuel prices to go up again this week
A litre each of petrol and diesel is currently sold for 4 cedis 6 pesewas on the average.
For the last pricing window, “Shell (Vivo), Total, Goil, Allied Oil, Star Oil, Petrosol and Puma Energy joined other Oil Marketing Companies (OMCs) to maintain prices at the pump,” the statement said.
“Due to the marginal increase in the prices of oil and fuel on the international market in the first Pricing-window of May 2020, prices of petroleum products on the local market remained largely unchanged within the Pricing-window under review,” IES added.
Source: Pulse Ghana
