Rising crude prices, cedi depreciation could see motorists pay more for fuel


Fuel consumers could be paying more for the product in coming days, as the price of crude on the international market rises in addition to a marginal depreciation of the cedi, says the Institute for Energy Security (IES).

This would be bad news for consumers, given that they have had to pay extra for the same litre of fuel since beginning of this year, following the imposition of new taxes and levies.

“With the 3.50 percent increase in price of the international benchmark – Brent crude, together with the 1.05 percent increase in price of gasoline, the 2.66 percent increase in gasoil price, and the cedi depreciation of 0.35% against the US dollar, IES predicts that OMCs in Ghana may increase fuel prices marginally at the pumps due to these international market variables as we enter June 2021 – particularly for those that maintained their prices at the pumps from the first pricing-window of May through to end of the second pricing-window,” the energy think-tank said in its projections for June’s first pricing window.

It however added that due to the market leadership of state-owned GOIL and a few others, and with the aim of increasing market share, OMCs may opt to maintain current prices at the pumps.

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