According to the IES, the marginal increase in price may not be close to what Ghanaians experienced two weeks ago.
The IES’ projection comes after Brent crude price moved above the $35 per barrel mark within the past pricing-window. Over the period, Brent Oil hit $42.3 a barrel for the first time since 10 March.
“This positive gain can be attributed to the easing of restrictions in economic activities around the world, as well as reaction to OPEC+ agreed extension to historic production cuts of 9.6mbpd for additional month (till the end of July).”
Following this, Brent crude appreciated by 16.19% from $33.72 per barrel recorded at the end of the first Pricing-window of June to close $39.18 per barrel on average terms.
IES projected the slight increase of fuel on the local market due to Brent Crude appreciating by 16.19%.
READ ALSO: Menzgold has paid over GHC9.6 million to its customers – NAM1 The statement from the IES also noted that the Oil Marketing Companies (OMCs) may hesitate to increase prices at the pump owing to competition for market share.