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Institute for Energy Security (IES) has hinted that fuel prices (diesel) will shoot up by 2 to 3 percent at the various pumps.

The Executive Director for IES, Nana Amoasi VII, revealed that the changes will take effect from the 1st February, 2024 in the first pricing window.

Nana Amoasi further explained that, the key variables to the pricing is the cedi’s stability against the dollar and the increase in the prices of gasoline, fuel and gas oil at the international market accounts for the projected increases in fuel prices.

He said, “I just got indication from analysts at the IES that international prices of fuel, gasoline and gas oil have gone up and LPG prime market. In view of that, it could increase the prices on the local market.

“To make the matter worse, the cedi stability against the US dollar is also called into question and that should say that the cedi is depreciating against the dollarHe added that an intervention from government will resolve the projected fuel price increase.

Nana Amoasi made this revelation during an interview session on Ghana Tonight or Wednesday, 31st January, 2024.

Meanwhile, the Emission Levy bill is set to take effect on the 1st of January, 2024. The bill was passed by the Parliament to impose a levy on carbon dioxide equivalent emissions on internal combustion engine vehicles.

According to the Ghana Revenue Authority, the aim of the implementation of the emissions levy is to promote the adoption of eco-friendly technology and green energy, contributing to improved environmental management and the control of air and water pollution.