There has been a nine pesewas increase in fuel prices at various pump stations across the country.
The rise in price took into consideration the two percent increment in prices of crude oil, coupled with the 0.95percent and 1.01percent marginal increment in the prices of Gasoil and Gasoline, respectively on the International market.
The Institute for Energy Security (IES) had earlier predicted that the prices of fuel on the local market may lose stability.
The increase in price was met with mixed reactions from some commercial drivers as they bemoaned the high price of the commodity.
While some were ready to pass the burden to the consumer, others said they will still charge old prices.
The Institute for Energy Security (IES) earlier this week predicted that Oil Marketing Companies (OMCs) are likely to increase the prices of petroleum products to make up for the marginal price movement of crude oil on the international market.
“Taking into consideration the two percent increment in prices of Crude, coupled with the 0.95 percent and 1.01 percent marginal increment in the prices of Gasoil and Gasoline respectively on the international market; the Institute foresees prices of fuel on the local market losing stability,” the energy policy think tank said in a press statement.
While the exchange rate performance — a key determinant in the price build-up — improved, the energy policy think tank argues that it would still not be enough to offset the increase in prices of oil on the international market.