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Fuel prices likely to go up – IES

Fuel prices in the country are likely to see an increase by two percent in the following days.

This is the latest prediction by the Institute for Energy Security. The IES prediction is based on the increase in prices of petroleum products on the world market and the depreciation of the Cedi.

Research analyst at the IES  Fritz Moses said the petrol reduction was from $2.75 per metric tonne to a current $3.1720.53 per metric tonne.

Meanwhile, the price rose from $598.25 per metric tonne to around $604.55 per metric tonne.

“Now you also look at again the local factors that affect prices too. {rimary among them is the cedi exchange rate. We’ve seen that over the period, starting from somewhere in July, the cedi has been depreciating marginally since then.

“In one week somewhere in the second pricing window of August by some 3 percent. But for this window, we saw a further depreciation from GHC5.95 to the US dollar to currently around GHC6.o1 to the US dollar. So, these are the actual factors that are forcing the projected increment of the rices at the various pumps,” a statement by the IES said.

Source: Ghana/Starrfm.com.gh

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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