The prices of diesel and petrol on the local market are expected to witness a marginally increase at the pumps from Tuesday 16th June, 2020.
This, is according to the energy Think Tank, Institute for Energy Security (IES).
Prices of petrol and diesel went up during the 1st window pricing about two weeks ago, but IES is of the view that the prices of the commodity could go up further giving the current market conditions.
According to the IES, the expected increment has become possible due to the increase in the price of Brent crude by 16.19%, plus the 15.35% and 15.79% increment in the prices of petrol and diesel respectively, as well as slight depreciation of the cedi to the dollar.
“Brent crude moved above the US$35 per barrel during the last pricing window on June 1st, 2020 and is going for about US$43 on the international market. The cedi also depreciated by about 0.18% to the dollar in the last review period, trading at an average price of US$5.72 to the US dollar,” IES said in a statement signed by Research & Policy Analyst Raymond Nuworkpor.