Consumers should be paying an additional 15 pesewas per litre on fuel they purchase at major fuel pumps from today till the end of this month [July].
This will be the case barring any last minute intervention by the National Petroleum Authority (NPA) to cushion consumers from high prices.
The institute of Energy Security (IES) has predicted that fuel prices at the pumps should go up by at least three percent.
The energy think tank attributes the development to the rise in the global prices of gasoline and gasoil, over the past two weeks.
Presently, a litre each of petrol and diesel, is selling at 4 cedis 85 pesewas at major oil marketing companies like Shell, Total and Goil.
If the increase sails through, it means you should be paying an additional 15 pesewas and that should cost you 4 cedis 99 pesewas.
This also means that a gallon of diesel and petrol each should be selling at 22 cedis 48 pesewas; up from the 21 cedis 83 pesewas.
This translates into an increase of sixty-five pesewas on a gallon of fuel.
For now, it is unclear whether the NPA will step in to cushion consumers by implementing the price stabilization levy which will prevent prices from escalating to the projected prices.
Some industry analysts also believe reducing or eventually scrapping taxes on petroleum products should avert the rise in prices of fuel and the attendant impact on prices of goods and services.