The Institute for Energy Security (IES) has projected an increase in fuel prices by Oil Marketing Companies at the pump in the month of June.
This, according to the IES, is a result of an increase in international market variables as well as the depreciation of the Cedi.
The increase will be implemented “especially by OMC’s that maintained their prices at the pump from the first pricing window of may though to the end of the second pricing window.”
In a projection document for the June pricing window of fuel prices, the IES noted: “with the 3.50% increase in the price of the International Benchmark – Brent crude together with the 1.05% increase in the price of Gasoline, the 2.66% 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 pump due to these international market variables as we enter June 2021.”
“Particularly for those that maintained their prices at the pump from the first pricing window of May through to the end of the second pricing window,” it added.
The Institute added that “data collated by IES Economic Desk from the Foreign Exchange (Forex) market shows the Cedi depreciated marginally against the U.S. Dollar by 0.35% from the previous window’s Gh¢5.75 to the current Gh¢5.77 to the US Dollar.”
“However, due to the market leadership role played by GOIL and a few others, and with the aim of increasing market share, OMCs may opt to maintain the current prices at the pump.”
Send your news stories to firstname.lastname@example.org and via WhatsApp on +233 266777777