Fuel prices likely to go up by 2% in the latter part of December

Fuel prices are expected to increase at the various pumps by 2% anytime from December 16, 2016.

According to the Institute of Energy Security, projections for the second pricing window show that the increment will span from December 16 to December 31.

Principal Research Analyst at the Institute of Energy Security, Richard Rockson explains that three factors would account for the increment.

“When you look at the price it’s at 43 dollars, the price of petroleum products as well have also gone up on the international market and our national reserve can only last us for the next three weeks, so when you put these factors together and do the indices, then it’s clear that the prices will shoot up between 4 to 6 percent”, he emphasized.

But the Chamber of Petroleum Consumers COPEC does not see the likelihood of any possible increase in fuel prices any time soon. Executive secretary of COPEC, Duncan Amoah says there is no cause for alarm.

“Let us put on record that world market prices continue to fluctuate but that does not for am basis for an increment in fuel prices. From our interactions with the market prices are likely to remain very stable within the period ahead of us, across most of the pumps” he cleared.