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Fuel prices to go up

There is likely to be a 4 percent fuel increase beginning today June 1, according to the Institute for Energy Security.

Principal Research Analyst at the Institute Richmond Rockson explaining the rationale behind the likely increment said “based on the depreciation of the Ghanaian cedi by 1.18%, crude oil average price increase of $2.83 per barrel, gasoline and gasoil prices increasing by $33.72 per tonne and $25.67 per tonne respectively, consumers should expect higher prices at the pump in the first pricing window for June 2017.”

The institute said activities during the just-ended second pricing window for May indicated that “OMCs reviewed pricing at the pump downwards by an average of 1.39% and 2.16% for gasoline and gasoil respectively as projected previously.”

The institute’s MarketScan indicates that the selling average price per litre for gasoline and gasoil within the second pricing window in May was GHS3.89 and GHS3.86 respectively,

The institute added that currently “Star Oil sells the cheapest gasoline at GHS3.799 whilst Frimps Oil, Glory Oil, Pacific and Puma Energy are selling the cheapest gasoil on the local fuel market.”

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