The National Petroleum Authority, NPA, says fuel prices at the pumps may go down by about 15% by March 16, which is the next pricing window.
This follows the 30% drop in global crude prices and the relative stability of the cedi against major international currencies.
Speaking to the media on Tuesday, the Chief Executive Officer of the NPA, Hassan Tampuli, said although prices are due to go down, due process must be followed.
"We have observed the price movement as we have from the 1st up to date there is very clear indication that the prices will go down by the 16th of March so it is not for Sammy Gyamfi or anybody else to determine for us what the price should be, the industry people themselves understand that the prices have to go down because there is a reduction in the price on the international market. Government taxes have not increased, the cedi is way stronger and we should get the benefit of that.."
READ ALSO : COPEC demands 10% reduction in fuel prices
He explained that the deregulation policy allows for two window periods within which price adjustments are to take place and that the next price window is March 15th, at which time the changes would be effected by the OMCs.
He, therefore, described as premature and hasty the calls for immediate reduction.
Gov't can't intervene in reduction of fuel prices - Nana Damoah
The Public Relations Officer for the Ministry of Energy, Nana Damoah says the government cannot intervene in the reduction of fuel prices.
Responding to calls for a reduction in fuel prices in the country to reflect the global reduction in crude, Nana Damoah said the price regulation policy will not allow the government to intervene for a reduction in fuel prices.
He said the next pricing window is on March 16 and he is hopeful the pricing will reflect the reduction on the global market.
"Let me explained that since June 2015 Ghana has been implementing a price regulation policy now what this means is that government is no more responsible for the price setting of petroleum products however we have some price indicators the petroleum price formula which everybody is aware of unfortunately for us in the building of that policy we decided that we are going to do reviews based on a bi-weekly policy.."