Business News of Tuesday, 23 January 2018
Source: ghanacrusader.com
2018-01-23
The research analyst suggests that, fuel prices could rise in February
A research analyst with the Institute of Energy Security, Richmond Rockson has indicated that prices of fuel could go up in February if Government does not take action to address the recent development in the Energy Sector.
His remarks follows after the Chamber of Petroleum Consumers (COPEC) cautioned of rising prices at the pumps at the beginning of the year. Prices of petroleum products have continually gone up to about 6% since the start of the year.
But speaking to Starr FM on Tuesday, 23rd, January, 2018, Mr. Rockson said that, ”Crude oil prices increasing on the international market causes an increase in prices of finished products. The indicators shows that fuel prices will increase again in the first pricing window in February unless of course Government intervene.”
”If the Special Petroleum tax and the TOR debt recovery levy are removed, the prices of fuel will decrease by about 60 pesewas and that will bring a little comfort to consumers. Crude oil prices have been increasing steadily in recent times and that is why we see the increase in prices of fuel,” he added.