The Institute of Energy Security (IES) is predicting stability in fuel prices in the second pricing window of July 2021.
The Institute since the start of the year has been making projections to keep consumers informed about the trends in prices of crude oil and its effect on fuel prices in the country.
In a release from IES, it says due to a 1.35% increase in price of the International Benchmark-Brent crude, 1.39% depreciation of the local currency against the US Dollar, and some other indicators, prices of fuel at the pump should remain stable.
“The 1.35% increase in price of the International Benchmark- Brent crude together with the 2.88% increase in the price of Gasoline, the 0.01% increase in Gasoil price and the 1.39% depreciation of the local currency against the US Dollar; the Institute for Energy Security (IES) projects a slight upward adjustment in the price of fuel on the domestic market at the various pumps, particularly for Gasoline (Petrol).
“The existing competition between the various OMCs will cause many others to, however, maintain their prices from the previous pricing window,” the release from IES signed by Research Analyst Fritz Moses reads.
Find below the full release from IES: