Price Hikes: IES projects 4% increase in fuel

Fuel prices are expected to rise this month per expectations of the IES

A four percent increase in fuel prices has been predicted by the Institute of Energy Security (IES) this June.

According to Richmond Rockson, Principal Research Analyst at the Institute said the projected hike in fuel prices is as attributed the development to the depreciation of the cedi by 1.18%, as well as increase in prices of gas

“All the indicators for pricing of fuel have gone up. Take into consideration the prices of crude oil on the world market and the average for the last window was around 50 dollars. As we speak it is around 53 dollars per barrel.’’

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‘Fuel prices since the beginning of this year has seen marginal increase due to the constant depreciation of the cedi among other major factors. Diesel also moved from 432 dollars per metric tons to 458 per metric tons.” he added.

Mr. Rockson stated that Oil Marketing Companies should endeavor to check their prices at a fast pace.

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‘We expect that when prices are going down as well they will apply same speed to be fair to the consumer,” he said.

Mr. Rockson further urged consumers to purchase less expensive fuel to enhance competition among OMC’s.

“We expect that every consumer should pay attention to the pricing of the OMCs. I however suggest consumers buy from ones with the cheapest price to increase competition. At the end of the day, competition drives down prices.” he added.

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