Since three weeks ago when taxes pushed prices of fuel up by more than 10% at the local pump, this week, price of fuel has shot up again by up to 3% as predicted by the Institute for Energy Security (IES) in his projection.

According to a statement signed by IES Research and Policy Analyst Fritz Moses, the IES expected the price of fuel to shoot up due increase in international benchmark crude, gasoline and gasoil.

As a result, fuel price which was around Ghc6.05 is now going for Ghc6.23 at the pump.

“With the 4.54% increase in price of the International Benchmark- Brent crude, the 1.18% increase in price of Gasoline, the 3.01% increase in Gasoil price and the stability of the local currency against the US Dollar; the Institute for Energy Security (IES) projects for price of fuel on the domestic market at the various pumps to rise marginally.” IES said.

The IES however added that although prices would go up, a couple of OMCs driven largely by competition to increase their market share, may keep prices unchanged for the June Second Pricing Window.

Ghanaians have since taken to social media platforms Facebook and Twitter to complain about the latest increment.