Energy think tank Institute for Energy Security (IES), has warned of a possible increment in the price of fuel by the end of December 2019.
According to Raymond Nuworkpor, research and policy analyst for IES, the continuous depreciation of the cedi against the dollar might trigger increments in fuel price, despite the relative stable prices of crude oil and gas oil on the international markets as well as the over 1.51 per cent decrease in the price of gasoline.
IES data collected and analysed indicated a 2.1 percent depreciation of the cedi as against the dollar in the first pricing-window of December 2019 (December 1 – December 14).
Basing on the performance of the Cedi in the previous pricing-window, Mr Nuworkpor, cautioned that a continuous depreciation of the currency will have adverse impacts on the selling price of fuel within the second pricing-window of December.
The cedi currently trades at GH¢5.71 as against GH¢ 5.59 in the previous pricing-window.
Read statement below: