The Institue for Energy and Security (IES) has advised the general public to expect an increase in fuel prices in the new year.
According to IES, there is going to be a review of December 2019 second pricing-window.
The current national average price of fuel per litre at the pump is pegged at GH¢5.36 for both Gasoline and Gasoil.
The institute, in a statement signed by the Research and Policy Analyst, Raymond Nuworkpor explained the reason for possible increment.
“Taking into consideration the 4.07 per cent increment in prices of crude oil as well as 4.59 per cent and 5.05 per cent 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 statement further explained.
It was quick to add the increases could be averted or its impacts minimized if the National Petroleum Authority (NPA) applies the Price Stabilization and Recovery Lecy (PSRL)
It also indicated that the prices of petroleum products have remained largely stable in terms of fuel market performance.
It also noted that fuel prices within the second pricing-window saw the majority of the Oil Marketing Companies (OMC) maintaining the prices of Gasoline and Gasoil unchanged.
Read the full statement below
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