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Fuel Prices To Increase By 5% – IES   
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The Institute for Energy Security (IES) has predicted fuel prices may go up by five per cent (5%)in the second pricing window of the month of January 2018.

A statement issued by IES’s Principal Research Analyst, Richmond Rockson on Sunday, January 15, 2018, said:“The prices of Gasoline and Gasoil, as well as fuel oil are likely to rise between 3 and 5%.”

According to the IES, it is clear the Price stabilization mechanism implored by the regulator may not be enough to tame the surge in fuel prices,  urging government to review the current price build-up and ensure the minimum strategic stocks are kept at all material times.

The upward adjustment, comes as a result of the increases in Brent crude price, prices of finished products on the international oil market and the depreciation of the Ghana Cedi, IES noted.

For the first pricing-window for January 2018, IES said the National Petroleum Authority’s assurance of no price change at the fuel pumps, was contradicted by a number of Oil Marketing Companies (OMCs).

“Total Petroleum was the first to review prices upwards, followed by Shell (Vivo Energy), Petrosol, Nasona, Fraga Oil and SEL, from Ghs 4.49 to Ghs 4.67 for both Gasoline and Gasoil, representing a change of 4%. Total and Shell subsequently reversed their decision, currently selling at the previous price of Ghs 4.49 per litre. A large number of OMCs did not review prices at the pump. The national average prices for Gasoline and Gasoil currently is Ghs 4.47, with Benab Oil, Pacific, Lucky Oil and Zen Petroleum selling at the lowest price per litre at the pump,” the statement said.

“World Oil Market Prices Crude Oil prices continue to surge on the global commodity market, as Brent crude price currently averages at $67.70 per barrel, from a previous average of $63.78 per barrel, a rise of 6.12% within the last 14 days. Presently, Brent crude is selling at $69.87 per barrel; the highest price since December 2014.”
Source: kasapafmonline.com

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