• The Institute for Energy Security (IES) predicted an increase in fuel in the second pricing window of the year.
  • The prices of fuel have gone up by 9 pesewas.
  • Consumers especially commercial drivers seem unhappy with this development.

Fuel prices in Ghana have increased by 9 pesewas at some fuel stations across the country.

The Institute for Energy Security (IES) had earlier predicted the upward adjustment of fuel prices.

The 2% increment in prices of crude oil, coupled with the 0.95% and 1.01% marginal increment in the prices of Gasoil and Gasoline respectively on the International market were considered in increasing fuel prices.

Consumers especially commercial drivers are not happy with this increase. Most of the commercial drivers have said that they will pass the increase on to consumers. Others have indicated that they will still charge old prices.

According to the IES, the Oil Marketing Companies (OMCs) are likely to increase the prices of petroleum products to make up for the marginal price movement of crude oil on the international market.

A statement from the energy policy think tank said “taking into consideration the two percent increment in prices of Crude, coupled with the 0.95 percent and 1.01 percent marginal increment in the prices of Gasoil and Gasoline respectively on the international market; the Institute foresees prices of fuel on the local market losing stability.”

Even though the exchange rate performance which is a key determinant in the price build-up improved, the IES said that it would not be enough to offset the increase in prices of oil on the international market.