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18.01.2020 Business & Finance

Fuel Prices Increased By 9pesewas

By News Desk
Fuel Prices Increased By 9pesewas
LISTEN JAN 18, 2020

Prices of fuel have seen a slight increment of about 9 Ghana Pesewas at the various fuel stations.

The increase in price has been met with mixed reactions from some commercial drivers as they lamented that the high price of the commodity is unbearable.

While some were ready to pass the burden to the consumer, others said they will still charge old prices.

The rise in price took into consideration the two percent increment in prices of crude oil, coupled with the 0.95% and 1.01% marginal increment in the prices of Gasoil and Gasoline respectively on the International market.

The Institute for Energy Security (IES) had earlier predicted that the prices of fuel on the local market may lose stability.

The Institute for Energy Security (IES) earlier this week predicted that oil marketing companies are likely to increase the prices of petroleum products to make up for the marginal price movement of crude oil on the international market.

“Taking into consideration the two percent increment in prices of Crude, coupled with the 0.95 percent and 1.01 percent marginal increment in the prices of Gasoil and Gasoline respectively on the international market; the Institute foresees prices of fuel on the local market losing stability,” the energy policy think tank said in a press statement.

Currently, the national average price of fuel per litre at the pumps is still pegged at GH¢5.36 for both petrol and diesel after a scheduled increase in their prices in the first weeks of 2020 was averted by the National Petroleum Authority with the application of the Price Stabilization and Recovery Levy (PSRL).

While the exchange rate performance — a key determinant in the price build-up — improved, the energy policy think tank argues that it would still not be enough to offset the increase in prices of oil on the international market.

---CitinewsRoom

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