Prices of petroleum products at various pumps are expected to increase in the second pricing window of October this year, the Institute for Energy Security (IES) has projected.
The move is due to a 6.89 percent increase in the price of the International Benchmark- Brent crude, a 6.54 percent increase in the price of Gasoline, a 3.49 percent increase in Gasoil price, and a 0.49 percent depreciation of the local currency against the US Dollar.
A statement issued by the Institute’s Research Analyst, Fritz Moses explained, “The Institute for Energy Security (IES) projects for fuel price to increase by no more than GHp20.00 addition on the current price at the various pumps.”
Though the government has announced the removal of the Price Stabilisation and Recovery Levy (PSRL) of GHp16.00 on litre of Gasoline, GHp14.00 on Gasoil and LPG, the IES said the move is not expected to take effect during the second pricing window of October.
The removal of the PSRL, according to the government is expected to cushion consumers for a period of two months.
Read the statement below: