Fuel prices to increase by over 2 percent from next week

Fuel prices are expected to increase by over 2 percent per litre from next week across various pumps in the country.

The increase is based on figures provided by the Bulk Oil Distribution Companies.

Already, the price of fuel at some major pumps across the country is currently selling at GH¢5.00 per litre while others are still in the GH¢4.85 threshold at some other stations.

Ahead of the next week’s increment, the Institute for Energy Security (IES) had projected fuel prices on the local market to increase marginally in the first pricing window of January 2021.

According to the IES, for the period under review, fuel prices have appreciated locally.

“Price of petroleum products within the second Pricing-window of December 2020 saw majority of Oil Marketing Companies (OMCs) increasing prices of Gasoline and Gasoil at the pump. The current national average price of fuel per litre at the pump is pegged at GH¢4.79,” the IES earlier explained.

On the global market, oil prices which fell on Friday, January 29, 2021, edged up but traded in a tight range as demand concerns caused by new coronavirus variants and slow vaccine rollouts continue to disrupt activity.

Additionally, many oil producers are facing unparalleled challenges balancing supply and demand equations amid renewed lockdowns as a result of the Coronavirus pandemic.