The current slide in the value of the cedi could cause another increase in fuel prices.
Though the bulk oil importers are currently buying the dollar at GH�1.61, the current price build up on petroleum products is based on an exchange rate of GH�1.50.
Though there have been assurances from the National Petroleum Authority that the hedge policy would ensure that Ghanaians are insulated from any further increases, the authority has no control over the exchange rate and its implications on prices at the pump.
The bulk distribution companies such as Chase petroleum, Fuel Trade and Cirrus Energy who import the petroleum products on credit for government say they are accumulating a shortfall of about three million dollars each month as a result of the decline in the value of the cedi.
The bulk importers say, unless government gives the guarantee that it will make up for the difference, it would have no choice but to pass it on to consumers.
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