The Institute of Economic Security (IES) has predicted that fuel prices in the first window in August 2017, will be marginally increased by about 2.5%.

In an interview with Accra-based Citi FM, the Principal Research Analyst at the IES, Richmond Rockson said the increase will be because of a marginal increase in crude oil prices.

READ ALSO: Illegal fuel trade more costly than galamsey – Duncan Amoah

He said customers must get ready to pay more for fuel.

“You look at crude oil prices on the world market and they have gone up slightly and averaging around 49.38 dollars per barrel as compared to a previous average of 49.07 dollars per barrel."

READ ALSO: Falling oil price pushes Tullow Oil to $300m loss after tax in 2017 first half

"You also look at the cedi to dollar exchange rate for the period under review. It takes into consideration the flat prices for the finished product for gasoline went up from 504.57 metric tons to 519.50 per metric tons. Gasoil also went up by 3.7% between 452.15% from a previous average of 432.27,”  he added.

He added that consumers must be prepared to pay more for the same litre.

“Consumers should expect an increment between five to ten pesewas per litre.”