The Institute of Energy Security (IES) is predicting a marginal increase in fuel prices in its review of first pricing-window in February.

The current national average price of fuel per litre at the pump is pegged at Gh¢5.03 and according to the IES projections, Ghanaians should expect additional two percent increment on the current price.

The Institute is attributing the expected increase on the international benchmark, with Brent crude price averaging about $58.59 per barrel mark representing a 5.09% increase from the previous window's average price of $55.75 per barrel mark.

“The Brent crude price increase is coming on the back of the tightening of markets due to recovering demand for oil products from particularly China, which put slight pressure on supplies and created backwardation in the market”.

“Also, other factors include the compliance by members of OPEC+ towards their production cuts as announced last year, the voluntary additional cuts in production by Saudi Arabia, a member of OPEC+, an increase in crude prices as delivered to Europe by Saudi Arabia and Asia and lastly, the looming stimulus rollout in the United States”, a statement signed by Fritz Moses, Research Analyst at IES said.

According to the statement, Gasoline and Gasoil prices as monitored on Standard and Poor’s global Platts platform show that price of the international commodities Gasoline and Gasoil experienced marginal increments.

It said Gasoline saw an increase in price by 4.82% to close the window at $526.75 per metric tonne from an earlier $502.50 per metric tonne. Gasoil price also increased by 4.58% to close trading at $474.81 per metric tonne from $454.00 at the end of the second pricing window of January 2021.