Fuel Prices To Go Up Again – IES

The Institute of Energy Studies (IES) has predicted a marginal increase in fuel prices again this year.

In its review of this month’s pricing window, the Institute indicated that the increment may occur as a result of a 5.7 percent rise in Brent crude oil, and a corresponding increment in the prices of Gasoline and Gasoil on the international market.

This was contained in a statement issued yesterday, and signed by Mikdad Mohammed, a Research Analyst at IES.

“An observation in the International oil market reveals Brent Crude traded at an average price of $83.91 per barrel within the period under review. Within the window, crude oil price peaked at $86.29 per barrel. Seeing a gradual decline as a result of the International Monetary Fund revision of global growth forecast for 2018 and 2019,” the statement read.

The prediction comes barely a month after prices of fuel went up hitting a little over 5 cedis per litre for the first time, triggering series of agitation among consumers.

A litre of both petrol and diesel is currently pegged at GH¢5.18pesewas and GH¢5.14pesewas respectively recording between two and three percentage increase.

However, despite the expected “marginal increment”, IES said some Oil Marketing Companies (OMCs) could keep prices same to maintain market share as part of the deregulation policy.

“While the cedi experiences a marginal depreciation in the closing window, there is good news in the operationalization of the Oil Forex Market Platform currently undergoing review. Despite the expected marginal increment, some OMCs could keep prices same to maintain market share as part of the deregulation policy,” the statement concluded.

By: Emmanuel Yeboah Britwum