Fuel prices likely to go up – IES

Fuel prices in the country are likely to see an increase by two percent in the following days.

This is the latest prediction by the Institute for Energy Security. The IES prediction is based on the increase in prices of petroleum products on the world market and the depreciation of the Cedi.

Research analyst at the IES Fritz Moses said the petrol reduction was from $2.75 per metric tonne to a current $3.1720.53 per metric tonne.

Meanwhile, the price rose from $598.25 per metric tonne to around $604.55 per metric tonne.

“Now you also look at again the local factors that affect prices too. {rimary among them is the cedi exchange rate. We’ve seen that over the period, starting from somewhere in July, the cedi has been depreciating marginally since then.

“In one week somewhere in the second pricing window of August by some 3 percent. But for this window, we saw a further depreciation from GHC5.95 to the US dollar to currently around GHC6.o1 to the US dollar. So, these are the actual factors that are forcing the projected increment of the rices at the various pumps,” a statement by the IES said.