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Petroleum prices at the pump rise 3%

May 16, 2018, 10:24 p.m.

Experts predict fuel costs will rise three percent in May’s second pricing window, according to the Institute of Energy Security.

Reports of the increase come after three consecutive pricing windows, where rates remained steady. 

The slight surge could stem from a 1.33 percent depreciation of the Ghana cedi against the U.S. dollar, the IES report shows. Recent U.S. sanctions against Iran is a factor in increases as well, the report says. 

Executive Secretary of Chamber of Petroleum Consumers (COPEC) Duncan Amoah said on Monday that he believes “a fully functional national refinery would have served a good catalyst to manage such price increases.”

Meanwhile, IES shows Zen Petroleum remains the frontrunner in the market with the cheapest fuel, followed by Benab Oil, Pacific, Lucky Oil and Frimps Oil.

Internationally, Brent crude prices continue to soar from $73.01 per barrel to $75.12 per barrel at close trading. 

“The increases in Brent Crude price, as well as finished products and the depreciation of the Cedi, do not present positive news for the petroleum consumer,” the report reads.

Standard and Poor’s Global Platts benchmark shows gasoline rose 2.55 percent at $712.68 per metric tonne. 

The National Petroleum Authority can opt to standardize prices with the Price Stabilization and Recovery Levy. 

As of May 15, fuel sells at roughly GH? 4.57 per gallon.