Accra, Ghana
36°C

GSE Feed

Forex Rate

Fuel prices go up by 2%–IES

petrol_pump_wikimedia_commons

Prices of fuel are likely to go up by about 2 percent for the second pricing window in May.

This means that from today [May, 16, 2018] till the end of the month, consumers should be prepared to pay more for any quantity of petrol or diesel they purchase at the various pumps.

“For this particular pricing window we are looking at an increment of between 1.5% and 2%. This is as a result of some of the factors that we always relied on, there have been some increases. When you look at the standard benchmark, gasoline moved up by 2.55% and is now selling at around 712 dollars  per metric tonne from a previous average of 694 dollars per metric tonne” A Policy Analyst at the Institute of Energy Security(IES), Mikdad Mohammed, told Citi Business News.

Mr. Mikdad Mohammed explained that, the analysis show that the rise in the ex-pump prices is due to prevailing conditions on the global markets such as the increase in gasoline and gas oil prices.

“If you also look at gasoil it has moved from an average of 644.57 dollars a metric tonne to 656.66 dollars. This is for finished products,” he added.

This is the second time that the price of fuel has gone up for this month alone.

It is however, unclear how it will impact transport fares.

Mikdad Mohammed has urged consumers to brace themselves to pay more at the pumps.

He however says an intervention by the National Petroleum Authority (NPA) can stabilize the prices.

“When you do the computation, we are saying that within this particular window we are going to have some marginal increase and until the National Petroleum Authority kicks in the price stabilization and recovery levy, consumers will have to pay for the increase” he added.

By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana.

 

Citi Business News