The Institute of Energy Security (IES) has said consumers should brace up to pay more for fuel prices as it has predicted that fuel prices are shoot up slightly in September.
Raymond Nuworkpor, a Research and Policy Analyst at the IES, said “Fuel prices on the local market have been stable for the past 8 weeks.
He told Citi FM“However, taking into consideration the appreciation in the price of international benchmark, Brent Crude, that is 2.45%, and refined product – Gasoline, which is also known as Petrol (6.23%), as well as the 0.17% depreciation of the Cedi against the U.S Dollar, we at IES foresee prices of fuel on the local market losing stability.
“Thus consumers may pay an extra pesewa for a litre of Gasoline or Gasoil, that’s Petrol or Diesel.”
“However, competition between Oil Marketing Companies, to control and gain market share could result in the selling price of fuel remaining unchanged within the first pricing window of September, 2020.”