Ghana’s Institute for Energy Security (IES) projected an increase of about $0.05 per liter on petrol and diesel to mirror developments on both the international and local oil market for the September pricing window, All Africa reported.

The proposed 6% hike in fuel prices is attributed to a slight rebound in global oil price for both crude and refined petroleum, decrease in new imports to boost Ghana’s stocks, and the relative stability of the local currency, cedi, against the US dollar.

The Chamber of Petroleum Consumers Ghana (COPECGH) also agreed on a possible boost in fuel prices, explaining that figures provided from the various bulk distribution companies point to an imminent upward adjustment in pump prices, informed Ghana Web. Accordingly, IES urged distributors not to feed on the desire to make profit on old stocks, and overshoot prices way above logical levels.

In related news, COPECGH’s Executive Secretary, Duncan Amoah, commented on Ghana’s efforts to liberalize its energy market. He said: “the downstream price deregulation program continues to be closely monitored and looks likely to roll to the second phase which allows the various oil marketing companies to charge different prices at their various stations across the country.”