The IES said a litre of fuel could go beyond Ghc5 due to increment in crude oil prices on the world market.
“This is explained by the fact that crude and finished product prices have shot up on the international market, with Gasoil seeing a substantial increment of 6.17 per cent and average Brent crude price going up by 7.47 per cent over the past two weeks.
“The depreciation of the Cedi by 2 per cent remains the single key variable in eroding the price gains on the local fuel market over the past weeks, and moving a litre of fuel (especially Gasoil) beyond the Ghc5 per litre threshold once again,” the Institute said in a statement.
However, the IES noted, “some Oil Marketing Companies (OMCs) are likely to keep their prices stable to attract or maintain market shares in today’s competitive fuel market.”
