Friday, 17 November 2017

Fuel prices to go up 3% - IES

Image result for Fuel pricesPetroleum products consumers are expected to pay more at the pumps in the second pricing window of this month.

The Institute of Energy Securities (IES) is predicting a three to six percent increase in fuel prices.

Principal Research Analyst at the IES, Richmond Rockson attributed the development to the marginal depreciation of the cedi, as well as the increase in prices of gasoline and crude oil on the international market.

“This time crude oil prices have gone up on the international market, the average is around 62 dollars. It’s gone up by 7.7 percent from the previous average of 57.7 dollars. Gasoline prices have also gone up by around 8 percent. Gas Oil has also gone up by around 4 percent.”

He also explained that the country’s stock level has depreciated.

“Our stock level or our inventory level is relatively low as compared to what we had previously, and our cedi has also depreciated, even though marginally.”

This put together is why we are projecting that, we expect prices to go up between three to six percent in the next pricing window”.