The National Petroleum Authority (NPA) has adjusted petroleum prices by seven per cent.
The new prices took effect on April 1, 2014.
Consequently, petrol will now sell at GH¢2. 73 per litre.
The NPA also increased the price of kerosene by 0.38 per cent and it now sells at GH¢2.36, while Liquefied Petroleum Gas (LPG) now sells at GH¢2.87 per kilogramme.
The price of premix has also gone up by almost five per cent and is selling at GH¢1.25 per litre, while diesel is now being sold at GH¢2.79.
However, the prices of marine gas oil and residual fuel were not adjusted.
This is the third time this year that the NPA has revised upwards the prices of petroleum products.
The first was in January and the second in March this year.
The latest upward adjustment has prompted transport operators to consider increasing public transportation fares.
Meanwhile, the executive of the Ghana Road Transport Coordinating Council (GTRCC) are to meet with the Ministry of Transport on Monday, April 7, 2014 over the fuel price hikes and possible increase in fares.
The General Secretary of the GTRCC, Alhaji Aliyu Baba, gave an indication that there would be a possible increase, as per their arrangement, fuel price hikes above a certain threshold would attract an increase in fares.
In January this year, a six per cent hike in fuel prices resulted in an increase in transport fares of 20 per cent.
Prior to that, the GTRCC had last year instituted a new scheme of transport fare increases based on all the variables in the running of a commercial vehicle, including fuel.
The new scheme was to do away with the system of fare increases anytime there was a fuel price hike and ensure that other variables, such as the cost of spare parts were incorporated in the determination of fares.