Fuel prices to rise further – IES

The Principal Research Analyst at the Institute for Energy Security, Richmond Rockson, has indicated that fuel prices will rise further as the Cedi weakens against the Dollar.
Passengers, drivers and other Vehicle owners must get ready to pay more for fuel as a steady depreciation of the Ghana Cedi causes the price of petrol and diesel at various filling stations to increase.
In the last 3 weeks, motorists say they receive lesser fuel for the same amount. Some motorists have questioned the increments especially because crude oil prices on the world market have remained stable.
But researchers say if the Cedi remains weak, the consumer will continue to bear the brunt of higher fuel prices.
“You take the cedi, you take finished product, you take the crude oil and there are percentages to it so if the cedi is depreciating, it has an effect and what happens is that even though the prices are stabilizing once the cedi depreciates, it erases any benefit that we could have had on the international market; that is the challenge we are having now and we are calling on government to pay close attention to the cedi because for six conservative windows the cedi continues to depreciate and that is worrying”.