The Institute of Energy Security (IES) is projecting a slight reduction in fuel prices in the coming days.

This is despite an almost 11 per cent drop in prices on the world market.

The about 3.6 per cent depreciation of the cedi against the dollar has however thwarted any significant drop in prices at the pumps.

The price of Petrol is currently at GHS11.55 a litre while Diesel is at Ghc14.50 per litre. These are despite the commodity starting the year at about GHS6.5 per litre.

Similarly, the dollar is currently trading at over GHS10 when it sold for about GHS6.5 in January.

This comes at a time where transport operators are calling for increase in transport fares due to the rampant increase in fuel prices.