Fuel prices to drop again in October- IES

Consumers are expected to pay less at the pumps in the second pricing window of October.
This is according to the Institute for Energy Security (IES) who have predicted a reduction in fuel prices of up to three percent.

Fuel prices since the beginning of this year (2017), have seen marginal increase due to the constant depreciation of the cedi among other major factors.

However Principal Research Analyst at the IES, Richmond Rockson has predicted a drop in prices and attributed the development to the marginal appreciation of the cedi as well as the drop in prices of gasoline and gas oil on the international market.

“In this pricing window, the cedi has appreciated as compared to the last pricing window. Also, crude oil prices on the international market have stabilized and when you consider the international prices on gasoline and gas oil prices, they have also come down marginally and this is why we are expecting prices to drop in the second window”.

Mr. Rockson further expressed optimism that the drop would bring some relief to consumers. “As we are expecting fuel prices to drop at the pumps, we believe this will bring some respite to consumers because we all know that over the period, prices have gone up and everybody has complained. In the last pricing window just as we predicted fuel prices came down marginally between 0.5 and 1 percent”.

Below is the press statement on October projections