Fuel prices to go up in New Year – IES predicts

The Institute for Energy Security (IES) is predicting a marginal rise in prices of petroleum products in the early part of 2020.

The IES, however, says the rise could be averted if the NPA applies the price stabilisation recovery levy.

“Taking into consideration the 4.07% increment in prices of Crock oil as well 4.5996 and 5.05% increment in the prices of Gasoil and Gasoline on the international market respectively; the Institute for Energy Security (IES) foresees prices of fuel on the local market potentially increasing marginally despite the cedi recording some marginal gains against the dollar within the period.

“However, the increases could be averted or its impacts minimized if the National Petroleum Authority (NPA) applies the Price Stabilization and Recovery Levy, (PSRL),” a statement by IES said.