Expect increment in fuel prices from February – IES

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The Institute for Energy Security (IES) predicts higher gasoline prices throughout the nation.

The Institute for Energy Security said the upcoming hikes are due to rising commodity costs on the global market.

The rise is projected notwithstanding the levy’s suspension.

According to IES Executive Director Nana Amoasi VII, all major oil marketing firms might exceed the 7 cedi per litre level for diesel and petrol.

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“Events on the global and local markets are driving the inevitable rise. Crude oil prices have risen by almost $7 per barrel in the previous two weeks, affecting worldwide pricing for gasoline, diesel, and LPG. As a consequence, we predict price increases of 6.2%, 9.8%, and 5.55 percent. Other factors affecting the price of oil include a weaker local currency, which importers are likely to pass on to the oil marketing firm, he added.

A liter of petrol cost GH7 for the first time two weeks ago at several stations around the nation, while most kept below that threshold.

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Fuel prices have been a hot subject in Ghana due to their influence on practically every economic sector.

Some driver unions are enraged and have vowed to raise rates unilaterally.

The Ghana Private Road Transport Union (GPRTU), the country’s biggest transport union, claimed last week that its members’ operations are tough owing to the current gasoline price.

In an interview with Citi News, GPRTU General Secretary Godfred Abulbire said they anticipated the government to follow its promise and reduce gasoline costs, but they have risen.

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