Fuel prices are reported to have increased more than 47 per cent since the beginning of the year.

According to JoyNews checks, fuel consumers would have to have GHC9.85 to buy a liter of petrol at the fuel pumps.

This is because some Oil Marketing Companies (OMCs) have adjusted their prices upward by more than five percent.

Predicting the trends, Institute of Executive Studies (IES) data available indicated that the price of petrol is expected to go up by at least three percent to six per cent and about two per cent in the price of diesel.

According to the IES Research Analyst, Fritz Moses, the increase could be mainly attributed to the Russia- Ukraine war and the lockdowns imposed across China.

“Unfortunately, the Russian war is still in place. China is still under lockdown and these are two major events that are causing the increases that we are seeing.

“Now China is the largest importer of crude oil in the whole world and so if they are out of the market, essentially it means that whatever supply that is coming on board would be analysing that situation using that supply,” he added.

Mr. Fritz Moses stated that the prices are expected to go up until later in June when other crude producing countries are expected to make up for the lost volumes from Russia.