Barring any intervention by government, prices of Petroleum products will go up in February, a research analyst with the Institute of Energy Security Richmond Rockson has predicted.
The caution comes after the Chamber of Petroleum Consumers (COPEC) warned of rising prices at the pumps at the beginning of the year. Prices of petroleum products have cumulatively risen to about 6% since the beginning of the year.
Speaking to Francis Abban on the Morning Starr Tuesday, Mr. Rockson said the price of crude oil is going high on the international market.
“Crude oil prices increasing on the international market causes an increase in prices of finished products. The indicators shows that fuel prices will increase again in the first pricing window in February unless of course Government intervene. If the Special Petroleum tax and the TOR debt recovery levy are removed, the prices of fuel will decrease by about 60 pesewas and that will bring a little comfort to consumers. Crude oil prices have been increasing steadily in recent times and that is why we see the increase in prices of fuel”.
Reacting to the comment, a communications specialist at the Energy ministry said the government is studying the pricing of oil on the international market and will respond appropriately.
“The first pricing remained stable but it is in this second pricing window that we see some increase in the prices of fuel. We are still studying the system”.