Fuel prices to go up by 2 to 3% – Energy Consultant predicts

Sampson Addae, an Energy Consultant has advised against stockpiling petrol in anticipation of a price hike.

There is an impending fuel scarcity in the nation, according to the Chamber of Oil Marketing Companies.

In an interview with Prince Nii Ade (Dok Cash) on OTEC FM’s political talk show dubbed ‘Dwabrem’, Mr. Addae acknowledged that fuel prices could rise and insisted that hoarding it might not have any major advantages.

“I believe that somebody who chooses to hoard might not be doing very well. As I mentioned to you, there’s a chance that fuel prices would increase starting tomorrow,” he said.

He clarified that new research indicates that fuel costs could rise by two to three percent over the next few days, which might cause some gas stations to stockpile fuel in anticipation of reselling it later in the week at a higher price.

“We’re all probably going to see a 2-3% increase in the next days. Therefore, perhaps that would be sufficient justification or solid footing for some people to hoard the product as well, hoping to sell it by the end of the week and earn a little more than they really bought for it,” he said.

Mr. Addae further emphasized that worldwide benchmarks are the driving force behind this hike and that there might be a pump increase this Thursday.

International benchmarks are a little higher than they were during the previous timeframe, based on the figures I’ve seen. Therefore, based on both figures, it is conceivable that an additional 2-3% might be added.

“The industry was quoting around 14.8 to about 15.3 at the beginning of trading for the current window,” he stated. It must have risen to around 15.5 by now. Perhaps we will see some slight increases at the pump starting on Thursday if you combine that with the global benchmark figures, which have also increased.

Source: Ghanatodayonline.com