Fuel prices to go up in February – IES projects

Fuel prices to go up

IES says it will cross 7 cedis

This will affect all petroleum products

The Institute for Energy Security (IES), is predicting that prices of petroleum products will increase at various pumps across the country from February.

According to them, this is a result of an upsurge in the prices of the commodities

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The increment is expected to happen in spite of the suspension of the Price Stabilization and Recovery Levy.

Nana Amoasi VII, Executive Director of IES, in a Citi News report said, the projections made could see all the major oil marketing companies across the 7 cedis per litre mark for diesel and petrol.

“The imminent increase is driven by happenings on the international and the local markets. Over the last two weeks, we’ve seen crude prices rise by more than $7 per barrel and this has impacted prices on petroleum products like petrol, diesel and LPG on the international market. As a result, we are saying the prices will jump by 6.2%, 9.8% and 5.55% respectively.

"Beyond that, the local currency fell in value against the US dollar and the importers are likely to pass on this additional cost in terms of forex exposure onto the oil marketing company and that will definitely hit the pump,” he explained.

The price of a litre of fuel has crossed the GH¢ 7 mark for the first time at some pumps across the country, some two weeks ago, although most of them stayed below the mark.

Fuel prices have been a topical issue in Ghana looking at its impact on almost every sector of the economy.