Ghana’s Institute for Energy Security predicts marginal rise in petroleum products prices, here’s why

January 1, 2020 1:24 PM

The Institute for Energy Security (IES) in Ghana has predicted a marginal rise in prices of petroleum products in the early part of 2020.

Ghana’s Institute for Energy Security predicts marginal rise in petroleum products prices, here’s why

This, according to the firm is due to the 4.07% increment in prices of Crude oil as well as 4.5996 and 5.05% increment in the prices of Gasoil and Gasoline on the international market.

“Taking into consideration the 4.07% increment in prices of Crock oil as well 4.5996 and 5.05% increment in the prices of Gasoil and Gasoline on the international market respectively; the Institute for Energy Security (IES) foresees prices of fuel on the local market potentially increasing marginally despite the cedi recording some marginal gains against the dollar within the period.”

The IES said this in a press statement it issued.

It noted, however, that, the rise could be averted if the National Petroleum Authority (NPA) applies the price stabilisation recovery levy.

“However, the increases could be averted or its impacts minimized if the National Petroleum Authority (NPA) applies the Price Stabilization and Recovery Levy, (PSRL),” the statment said.