The Institute of Energy Security (IES) has forecasted a marginal increase in fuel prices in the country this February.
The IES has pronounced that fuel could go up by 7 percent per litre due to increase in crude oil prices on the global market.
An excerpt from the IES reads;
“This is explained by the fact that crude and finished product prices have shot up on the international market, with Gasoil seeing a substantial increment of 6.17 percent and average Brent crude price going up by 7.47 percent over the past two weeks.
“The depreciation of the Cedi by 2 percent remains the single key variable in eroding the price gains on the local fuel market over the past weeks, and moving a litre of fuel (especially Gasoil) beyond the Ghc5 per liter threshold once again,” the Institute said in a statement.”
“Some Oil Marketing Companies (OMCs) are likely to keep their prices stable to attract or maintain market shares in today’s competitive fuel market.” the IES noted.
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