The Institute for Energy Security (IES) says prices of petroleum products are expected to increase at various pumps across the country.
According to the Institute for Energy Security, the pending increases are a result of an upsurge in the prices of the commodities on the international market.
The impending increase is expected to happen in spite of the suspension of the Price Stabilization and Recovery Levy.
Executive Director of IES, Nana Amoasi VII, says the projections made could see all the major oil marketing companies cross the 7 cedis per litre mark for diesel and petrol.
“The imminent increase is driven by happenings on the international and the local markets. Over the last two weeks, we’ve seen crude prices rise by more than $7 per barrel and this has impacted prices on petroleum products like petrol, diesel and LPG on the international market. As a result, we are saying the prices will jump by 6.2%, 9.8% and 5.55% respectively. Beyond that, the local currency fell in value against the US dollar and the importers are likely to pass on this additional cost in terms of forex exposure onto the oil marketing company and that will definitely hit the pump,” he said.
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