The price of fuel at the pumps is expected to experience an increase in the first fuel pricing window beginning June 1.

This was revealed by the Institute for Energy Security (IES) on Wednesday, May 31.

The Principal Research Analyst of IES, Richmond Rockson, indicated: “Based on the depreciation of the Ghanaian cedi by 1.18%, crude oil average price increase of $2.83 per barrel, gasoline and gasoil prices increasing by $33.72 per tonne and $25.67 per tonne respectively, consumers should expect higher prices at the pump in the first pricing window for June 2017.”

IES said it foresees the impending increment likely to erode the gains made by consumers over the past four weeks at the pump, but it would be welcome news for Bulk Oil Distributors (BDCs) and Oil Marketing Companies (OMCs).

Explaining activities during the just-ended second pricing window for May, IES said: “OMCs reviewed pricing at the pump downwards by an average of 1.39% and 2.16% for gasoline and gasoil respectively as projected previously.

The institute’s MarketScan indicates that the selling average price per litre for gasoline and gasoil within the second pricing window in May was GHS3.89 and GHS3.86 respectively, adding: “Star Oil sells the cheapest gasoline at GHS3.799 whilst Frimps Oil, Glory Oil, Pacific and Puma Energy are selling the cheapest gasoil on the local fuel market.”

IES said at the close of the window, the stock of fuels held in tanks across the various terminals rose slightly above the previous figures, and that the combined stock of gasoline and gasoil can meet four weeks of national demand.