The Institute of Economic Security has predicted the increase of fuel prices by about 2.5 percent in the first window of August.
According to the Principle Research Analyst of the institute Richmond Rockson, the increase is due to the increase of crude oil prices on the world market.
"Crude oil prices have gone up slightly and we're averagely around 49.38 dollars per barrel as compared to the previous average by 49.07 dollars per barrel" he said.
Speaking to some consumers, they indicated that the increase will affect them both directly and indirectly.
Priscilla Tetteh a student of Ghana I expressed concern saying, "I'm a student so if fuel prices should increase fares will also increase and this will reduce my savings."
"Increase in fuel prices is not good because when fuel prices go up, everything else will increase indirectly so it should be decreased" stated Dorcas Owusu a consumer.
Meanwhile the Principle Analyst, Richmond Rockson has advised consumers to expect an increase of 5-10 pesewas per litre.
Story by: Gloria L. Larbie (Level 300JN)