Experts Predict 3% Fuel Price Rise
Experts predict fuel prices will rise three percent in May's second pricing window, according to the Institute of Energy Security.
Reports of the increase come after three consecutive pricing windows where rates remained steady.
The slight surge could stem from a 1.33 percent depreciation of the Ghana cedi against the U.S. dollar, the IES report revealed.
Recent U.S. sanctions against Iran is a factor in increases as well, the report said.
Executive Secretary of Chamber of Petroleum Consumers (COPEC) Duncan Amoah said on Monday that “a fully functional national refinery would have served a good catalyst to manage such price increases.”
Meanwhile, IES revealed that Zen Petroleum remains the frontrunner in the market with the cheapest fuel followed by Benab Oil, Pacific, Lucky Oil and Frimps Oil.
Internationally, Brent crude prices continue to soar from $73.01 per barrel to $75.12 per barrel at close trading.
“The increases in Brent Crude prices, as well as finished products and the depreciation of the Cedi do not present positive news for the petroleum consumer,” the report stated.
Standard and Poor's Global Platts benchmark showed that gasoline rose 2.55 percent at $712.68 per metric tonne.
The National Petroleum Authority (NPA) can opt to standardize prices with the Price Stabilization and Recovery Levy.
As of May 15, fuel was selling at roughly GH₡ 4.57 per gallon.