Institute for Energy Security projects increase in fuel prices

The Executive Director of the Institute for Energy Security (IES), Nana Amoasi has disclosed that Ghanaians will be buying a litre of petrol and diesel at approximately ¢7.00 by the next six months.

According to him, the factors that contribute to hike in prices continue to change and some Oil Marketing Companies (OMCs) have adjusted their pumps, selling petrol and diesel at GH¢6.23 per litre following three percent increment in the prices.

The three percent increment is attributed to rising commodities on the international market.

Nana Amoasi who was speaking in Accra said, unfortunately, per IES’s projection, there are indications that the Seven Ghana Cedis per litre will surely happen due to the fact that Ghana imports petroleum products and the quantities consume in a day is far in excess of what TOR produces.

He pointed out that last year alone, the country imported more than 95 percent of petroleum products and so anytime the price of crude oil goes up, it has corresponding impact on petrol, diesel and the country consumes locally.

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