Fuel price to go up – IES discloses

The energy think tank believes the increase of fuel prices is a result of a fall in local currencies

The Institute for Energy Security (IES) has projected fuel price increases between 1 and 2 per cent in the first pricing window of April barring any intervention from government.

According to Standard and Poor’s Global Platts benchmark for Gasoline and Gasoil, prices of both products recorded increases on the international fuel market.

Gasoline closed trading at $645.77 per metric tonne from a previous average of $622.64, a change of 3.72%. Gasoil saw a price change of 2.82%, from a previous average of $571.61 per metric tonne to close at $587.73 per metric tonne.

“The cedi’s depreciation within the period under review is also a factor which will see consumers paying more at the pump in the first pricing window of April 2018,” IES Principal Researcher Richmond Rockson said.

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