According to the Institute for Energy Security (IES), if government does not take any action to address recent developments in the energy sector, fuel prices could go up by 3% at the pumps within the second pricing window.
IES released a press release on Thursday, February 16 specified that, after the substantial loss of the cedi to the dollar, the up to 1.70 percent increase in gasoline and gasoil prices on the global market, the 1.25% rise in Brent crude price, and the low fuel stock levels of both gasoline and gasoil in Ghana, the Institute for Energy Security (IES) can project prices of fuel on the local market to rise to up to 3% in the new window, barring any government intervention.
Institute says, the challenges facing oil importers in discharging and loading their cargos could further heighten the fears of fuel shortage in Ghana.
This is opposed to an earlier prediction by the Chamber of Petroleum Consumers Ghana (COPECGH) that within the second pricing window by the National Petroleum Authority (NPA), fuel is expected to remain stable and will not see momentous increments.
The biweekly pricing programme commences from the 16th of February and COPECGH said in a statement on Wednesday, February 15 that their checks indicate “fuel prices are likely to remain stable due to strong competition and high efficiency in pricing by some Bulk Distribution Companies (BDCs) and the biggest oil marketing company – Goil – who have rejected to increase prices for the February windows though the cedi continues to lose value, leaving some pressure on importers.
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