The Institute of Energy Security (IES) has predicted an increase in fuel prices for the first two weeks of May.
The Institute tells Citi Business News prices will go up by about 2 percent barring an intervention from the National Petroleum Authority (NPA).
“In the first pricing window for May 2018, we are expecting fuel prices to go up by up to 2%. All indications point to the fact that prices are supposed to go up. Crude oil prices have gone up on the world market and it is currently trading at around 73 dollars per barrel from the previous average of 68 dollars per barrel,” Principal Research Analyst at the IES, Richmond Rockson said.
He added, “For finished products, the price of gasoline has gone up on the international market by almost 2% and we have had diesel also go up by 4.55%.”
The increase in the prices of petroleum products in May is the second in a row that the Institute has predicted an increase in the price of fuel.
For the second pricing window in April, the prices of petroleum products went up by 2.5 percent.
Meanwhile as a remedial measure, Richmond Rockson has called on the NPA apply the price stabilization levy mechanism to ease the burden on consumers.
“I will call on the NPA to step in. It is their discretion, they determine as and when to reduce it but I will call on them to step in this time round because prices are escalating and not looking good for the ordinary consumer,” he said.