Fuel prices could go up before the end of April – Richmond Rockson

Principal Research Analyst at the Institute of Energy Security (IES), Richmond Rockson has attributed the depreciation of the cedi and the upward price of the crude oil on the international market to the recent increase in fuel price.

The prices of petroleum products at the pumps have gone up by about 2 percent for the first pricing window this month (April).

For the first two weeks of this month, consumers should be prepared to pay more for fuel they purchase at the various retail outlets for the Oil Marketing Companies (OMCs).

Speaking to Accra based radio station Eezy Fm, Mr. Rockson says it is difficult for interventions to be done in times like this.

“Basically, the regular indicators that we know are factors to the increase. Our cedi have depreciated much within the period and crude prices has gone up on the international market currently at the average of 67 dollars per barrels. If you compare that to the previous  rate, you realize that it has gone up. The Benchmark shows clearly that desel went up by 2.8 percent and petrol went up by 3.7 percent” He added

Mr. Rockson further revealed that the oil sector is likely to see some increases in the subsequent months.

“So far when you check prices on the cluster market, it shows basically that the prices are going up. If we do not see any miracle, it is likely that the prices could go up before the end of the Month.” He added

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Source: Ghana|raylizaonline.com|McRay Akpe Sogah