Some fuel filling stations have pushed up the prices of fuel following the depreciation of the cedi over the weekend.

Checks at some filling stations including Total and Shell have seen a shot in the prices of diesel and petrol by six pesewas.

By this increment, the prices of fuel in the month of March has shot up twice.

Some filling stations are currently selling g a litre of petrol and diesel for GHS5.24 representing a 1.16 percent increase from the previous price of GHS5.18.

According to the Institute of Energy Security (IES) who predicted the increase have stated that the increment has indicated that the depreciation of the cedi is to be blamed.

Speaking to the Press, Mikdad Mohammed, a Research Analyst at the Institute said the appreciation of the cedi a little against the dollar came a little late.

He said, “Even though we have seen the currency pick up some strength against the dollar this came a little too late and way into the pricing window after BDCs and oil marketing companies have transacted their bills in the movement of products”.

He added, “We have been monitoring the market since the first pricing window in March which we projected that prices were picking up based on the cedi fundamentals of the market as we know them to be. We looked at Brent crude price, finished product price, the cedi depreciation against the dollar and we looked at the stock level”.

The first increment, which occurred after the first pricing window in the first week of March was also attributed to the depreciation of the cedi and the increase in the cost of Brent Crude on the  World market.

Although Total and Shell has increased their prices, GOIL, which is a major state oil company is yet to adjust its price.