The Institute for Energy Security (IES) has indicated that prices of petroleum products are expected to increase once again at the various pumps across the country.
IES explained that the increases are a result of an upsurge in the prices of the commodities on the international market.
It noted that the increment will occur despite the suspension of the Price Stabilization and Recovery Levy.
Executive Director of IES, Nana Amoasi VII, said “The imminent increase is driven by happenings on the international and the local markets. Over the last two weeks, we’ve seen crude prices rise by more than $7 per barrel and this has impacted prices on petroleum products like petrol, diesel and LPG on the international market. As a result, we are saying the prices will jump by 6.2%, 9.8% and 5.55% respectively. Beyond that, the local currency fell in value against the US dollar and the importers are likely to pass on this additional cost in terms of forex exposure onto the oil marketing company and that will definitely hit the pump.”
By: Rainbowradioonline.com/Ghana
