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The Institute for Energy Security (IES) is forecasting a 1.5% increase in fuel prices in the second pricing-window of July.

“Guided by the fundamental indicators of local fuel price changes under de-regulation; rise in price of Gasoline, Gasoil and Brent crude on the international fuel market, the country’s local currency against the U.S. Dollar, the Institute for Energy Security(IES) foresees fuel prices to rise on the local market by up to 1.5%,” it said in a statement.

It added: “This imminent price increase may be averted by an intervention from the National Petroleum Authority (NPA) if the regulator decides to trigger the Price Stabilization mechanism to standardize prices.”

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