Fuel prices to shoot up in February

A research analyst with the Institute of Energy Security, Richmond Rockson, has predicted that the prices of petroleum products will go up in February.

According to him, Crude Oil prices have been increasing on the international market, and that it set to have an effect on the prices of all finished products as well.

He explained that the only way to stop the imminent increase in fuel prices will be if government intervenes.

Speaking on Accra-based Starr FM, Mr. Rockson said the government would be doing consumers a huge favour if it waves off the Special Petroleum tax.

“Crude oil prices increasing on the international market causes an increase in prices of finished products,” he stated.

“The indicators shows that fuel prices will increase again in the first pricing window in February unless of course Government intervene. If the Special Petroleum tax and the TOR debt recovery levy are removed, the prices of fuel will decrease by about 60 pesewas and that will bring a little comfort to consumers. Crude oil prices have been increasing steadily in recent times and that is why we see the increase in prices of fuel.”

Since the beginning of the year, prices of petroleum products have cumulatively risen to about 6% and the figure is expected to rise further with the increasing price of Crude Oil on the international market.