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Oil prices to push ex-pump prices up in August – IES

  • POSTED ON: August 3, 2017
  • SOURCE: CitiBusiness
  • CATEGORY:

Fuel prices for the first window in August 2017 will see a marginal increase of about 2.5%.

This is the prediction by the Institute of Economic Security (IES).

According to the IES, the increase is due to key indicators such as the marginal increase in crude oil prices.

Speaking to Citi Business News, the Principal Research Analyst at the IES, Richmond Rockson advised consumers to brace themselves to pay more for fuel.

“You look at crude oil prices on the world market and they have gone up slightly and averaging around 49.38 dollars per barrel as compared to a previous average of 49.07 dollars per barrel. You also look at the cedi to dollar exchange rate for the period under review. It takes into consideration the flat prices for the finished product for gasoline went up from 504.57 metric tons to 519.50 per metric tons. Gasoil also went up by 3.7% between 452.15% from a previous average of 432.27,” he explained.

On consumer expectations, he advised consumers to be prepared to pay more for the same litre.

“Consumers should expect an increment between five to ten pesewas per litre.”

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