Consumers of petroleum products in the Republic of Ghana are paying more for fuel as the prices of the commodity shot up by 12 pesewas at the weekend.
Both petrol and diesel were selling at GHS6.23 as at last Friday.
However, both petrol and diesel witnessed an increment of 12 pesewas on Sunday, pushing the prices of the two major products upward to GHS6.35 per litre on the local market.
It would be recalled that energy think-tank, Institute for Energy Security (IES) predicted that prices of fuel would witness a marginal reduction.
“For this window, with the 1.49% reduction in the price of the International Benchmark- Brent crude, the 2.17% decrease in price of Gasoline, the 1.77% decrease in Gasoil price and the marginal depreciation of 0.17% of the local currency against the US dollar,” the IES said in a statement last week.
That defeats the prediction by the IES.
As at Monday morning, Brent crude was selling at US$66.46 per barrel while WTI was trading at US$63.34.
Source: https://energynewsafrica.com