Tonight on the PM Express, host, Ayisha Ibrahim was joined by the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah; Spokesperson of the Coalition of Commercial Transport Owners, Abbas Ibrahim Moro; the Communications Manager of the National Petroleum Authority, Mohammed Abdul-Kudus: and Policy Analyst, Peter Terkper to discuss the imminent fuel price increment in the weeks ahead.

This is in reaction to Oil Marketing Companies (OMCs) increasing fuel prices slightly at the pump stations.

According to energy think tank, Institute for Energy Security, fuel prices will go up by ¢0.18 per litre, representing a 2.8 percentage points surge, beginning over the weekend.

It attributed the depreciation of the cedi, among others, as the reasons behind the slight upward adjustment in prices of petroleum products.

“For the January First Pricing-Window, the 8.18% increase in the price of the International Benchmark- Brent crude, the 3.25% increase in the price of Gasoline, the 2.09% increase in Gasoil price, the 0.5% depreciation of the cedi against the US Dollar and the reintroduction of the PSRL; the Institute for Energy Security (IES) projects for the price of fuel on the domestic market at the various pumps to increase by at least 18 pesewas, representing a 2.8% increase.”

Already, Total Petroleum has taken the lead by increasing fuel prices at the pumps.

It’s now selling a litre of diesel and petrol at ¢6.85 and ¢6.80 respectively, representing more than a 3% hike from the previous price.