Fuel price at pumps to likely increase by 2%, IES projects
The Institute for Energy Security (IES) has projected a possible increase of some two percentage points in prices of fuel at the various pumps of Oil Marketing Companies (OMCs) in the country.
According to the IES, the projected two percent increment in petroleum products at the pumps is on the back of 4.05 percentage points increase in the price of Brent Crude on the international market, coupled with a one percent depreciation of the Cedi, a 0.31 percent decrease in the price of gasoline and 1.05 percent increase in the price of gasoil.
The projected price increment in the second pricing window of the month of September follows a 0.42 percent increase in petroleum products at the pumps in the second pricing window for last month – August 2021.
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“The price of refined products, gasoline and gasoil as monitored on Standard and Poor’s Platts platform experienced slight adjustments at the end of the period. The price of gasoline decreased by about 0.31 percent to close the window at $720.53 per metric tonne from its earlier price of $722.75 per metric tonne.Gasoil price however,increased within by 1.05 percent to close trading at $604.55 per metric tonne from its earlier price of $598.25 per metric tonne in the previous window,” said the IES.
With the price of fuel expected to go up in the coming days, cost of living in the country is also expected to inch up. Currently, the national average price of fuel per litre at the pump is pegged at Ghs 6.12 for both gasoline and gasoil.
Read details of fuel price forecast by IES:
