Fuel consumers are set to pay more at the pump as some major Oil Marketing Companies (OMCs) have further increased their prices.
Fuel prices have seen a further increase by 4%, as compared to the last pricing window.
Recently, the Chief Executive Officer of the Association of Oil Marketing Companies (AOMCs), Kwaku Agyeman Duah, in an interview with the media indicated that fuel prices in June 2020 will increase by some 14 percent.
Here are the prices stated at the variuos OMCs when Ghana Talks Business visited over the weekend.
Forecast by Institute to Energy Studies
The IES recently forecasted an additional increase in fuel prices despite the 8 percent increase last Monday.
The IES based its forecast on the 16.2 percent increase in Brent crude price, in addition to the 15.4 percent and 15.8 percent appreciation in the prices of gasoline and gasoil respectively.
The forecast price hike also takes cognisance of the depreciation of the local currency against the major trading currency, the US dollar.
Analysts have said they foresee global oil prices remaining depressed in the near term despite recent gains.
Rating agency Moody’s said it expects prices to remain lower for longer, which will worsen pressures for oil exporters.
Global Oil Prices
Oil prices rose on the international market last week. Brent crude rose 38 cents, or 0.9 percent, to settle at US$41.18 a barrel. West Texas Intermediate crude (WTI) rose 75 cents, or 2 percent, to end at US$38.94 a barrel.
The surge in the price of Brent, according to analysts, can be attributed to the easing of restrictions on economic activities around the world, as well as reaction to the OPEC+ agreed extension to historic production cuts of 9.6m barrels per day (mbpd) till end July.