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Former Deputy Minister for Finance and Economic Planning, Dr. Anthony Akoto Osei says it is a deception and a lie for the National Petroleum Authority (NPA) to blame the current fuel price hike on the new petroleum price deregulation system.

Prices of the various petroleum products went up by 4 percent Tuesday, with the exception of Premix fuel and residual fuel oil.

The price hikes have been influenced by the rising prices of petroleum products on the world market and the cedi’s depreciation against major trading currencies.

The 4 percent increment is the maximum price that no Oil Marketing Company (OMC) can go beyond.

OMCs can, however, sell their products below the 4% price under the full price deregulation of petroleum products which kicked off on Tuesday.

But ranking member on the Finance Committee of Parliament, Dr Akoto Osei, stated in an interview with Kwami Sefa Kayi on PeaceFM's flagship programme "Kokrokoo" that the 4 per cent fuel price increase is part of the bi-weekly adjustment proposal agreed with the International Monetary Fund (IMF).

The Old Tafo MP explained that under the IMF program every 2 weeks there will be adjustment up or down depending on the parameters pertaining on the world market.

He pointed out that the new petroleum price deregulation has not started yet because the existing law on NPA deregulation has not been amended in Parliament, insisting that NPA lied to Ghanaians when it stated deregulation will start June 15, 2015.

“Officially, deregulation has not started; they cannot begin and the NPA is lying to us because the existing law has not changed….current fuel price increment is under the IMF program that every 2 weeks if the world crude oil price goes high or the cedi depreciate or combination of both, there should be adjustment in the fuel price in the country...

“….under the IMF program, the government must adjust and it is upon these parameters crude oil price increment and cedi depreciation that NPA has increased the fuel price. They have to tell Ghanaians the truth; until the law is amended in Parliament, this will be the practice”, he added.

He therefore called on NPA to come out to correct the impression it has created in the minds of Ghanaians, adding that “we are going to experience this until the law is amended; if we don’t amend the law, it would become a frequent feature; 2 weeks adjustment”.