IES predicts fuel prices will go up

Fuel prices in Ghana are likely to see an increase by two percent in the following days.
This is the latest prediction by the Institute for Energy Security (IES).

Their prediction is based on the increase in prices of petroleum products on the world market and the depreciation of the Cedi.

The petrol reduction was from $2.75 per metric tonne to a current $3.1720.53 per metric tonne, this is according to Fritz Moses, a research analyst at the IES.

However, the price rose from $598.25 per metric tonne to around $604.55 per metric tonne.

“Now you also look again at the local factors that affect prices too, primary among them is the cedi exchange rate. We’ve seen that over the period, starting from somewhere in July, the cedi has been depreciating marginally since then.

“In one week somewhere in the second pricing window of August by some 3 percent. But for this window, we saw a further depreciation from GH¢5.95 to the US dollar to currently around GH¢6.01 to the US dollar.

“So, these are the actual factors that are forcing the projected increment of the prices at the various pumps,” a statement by the IES said.

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