The Institute of Energy Security (IES) is predicting that fuel prices will hit Ghc7 per litre by the end of the year.
Executive Director of the IES, Nana Amoasi, has said that the increment is sure to happen unless there is a change in the way the government is doing things.
“We have projected that by the next six months, we will buy a litre of approximately or close to GH¢7 if things continue the way it is going. Unfortunately, this is what we will arrive at. Unfortunately, this is not what we expect to see,” he is quoted as saying.
“Per our projection, there were clear indications this was going to happen….Last year, we sought for more than 95 percent of our product and so anytime you see the price of crude oil going up, it has the corresponding impact on petrol, diesel and the like,” Amoasi told Accra based TV3.
On Saturday, June 19, some Oil Marketing Companies (OMCs) began to adjust their pumps, selling petrol and diesel at GH¢6.23 per litre.
The 3 percent increment is attributed to rising commodities on the international market.
Nana Amoasi said there could be internal mechanisms to help cushion Ghana against price shocks, including revamping the Tema Oil Refinery (TOR), as well as forcing the Bulk Oil Storage and Transportation (BOST) to make available reserves in times of world market shocks.