Fuel prices projected to increase by up to 2% from next week

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The Institute for Energy Security (IES) has projected fuel price increases between 1 and 2 percent in the first pricing window of April barring any intervention from government.

The energy think tank believes the imminent increase of fuel prices is as a result of international indicators as well as a slight depreciation of the local currency.

According to Standard and Poor’s Global Platts benchmark for Gasoline and Gasoil, prices of both products recorded increases on the international fuel market.

Gasoline closed trading at $645.77 per metric tonne from a previous average of $622.64, a change of 3.72%. Gasoil saw a price change of 2.82%, from a previous average of $571.61 per metric tonne to close at $587.73 per metric tonne.

“The cedi’s depreciation within the period under review is also a factor which will see consumers paying more at the pump in the first pricing window of April 2018,” IES Principal Researcher Richmond Rockson said.

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