IES warns of possible fuel hike



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The Institute for Energy Security (IES) says the price of fuel at the pumps is likely to go up on the domestic market in the month of December 2020.

The IES in a statement to review the November pricing window said the prices of fuel on the local market remained stable while prices of petroleum products within the second pricing window of November 2020, saw the majority of Oil Marketing Companies (OMCs) maintaining prices of gasoline and gasoil.

The present average price of fuel per litre at the fuel  pump stations is pegged at GHS 4.61.

According to the IES market scan pricing window, Zen Petroleum, Benab Oil, Star Oil and Alinco Oil sold the lowest price per litre of gasoline and gasoil at the pump.

“Due to the 11.5% increase in prices of International Benchmark – Brent crude, the 6.94% increase in the prices of gasoline, the 7.26% increase in gasoline prices and the stability of the local currency… “projects prices of fuel on the domestic market experiencing a sharp increase” in the month of December 2020,” the IES said.

Ghana | Atinkaonline.com