No significant increase in fuel prices – IES

The Institute of Energy Security (IES) has predicted prices of petroleum products to remain stable for the second pricing window in March.

The IES largely attributes the prediction to the insignificant increase in the price of key indicators such gasoline on the international market.

“Fortunately for consumers in this window, the international indicators have been really favourable. We have had marginal changes in prices which definitely is not going to have a negative impact on prices”.

According to the institute, the prices of the major indicators each went up by less than 2 percent.

“Gasoline prices on the international market went up by 1.03 percent and gasoil prices also went up by 0.7 percent which is less than 1 percent,” Principal Research Analyst at the IES Richmond Rockson said.

He told Citi Business News consumers should expect fair stability in prices of petroleum products.

“This means that we are not going to be seeing prices go up. Our cedi even though depreciated was really marginal and insignificant so we expect prices to remain stable in the second pricing window so consumers don’t have to worry about a price increase in petroleum products”.

SOURCE: citibusinessnews.com