Transport owners are in dialogue with government to involve all stakeholders in the determination of petroleum prices to ensure that decision taken is in the best interest of the country.

"This is the only way to build consensus and promote goodwill among all the parties involved in the sector," Ghana Private Road Transport Union (GPRTU) Chairman Ellis Gbedemah told the Ghana News Agency in Accra on Monday.

Mr. Gbedemah said the transport sector is aware that the outcome of on going consultations on the fixing of fuel prices is the sole responsibility of government.

"We however believe that suggestions from transport operators will go a long way to ensure that all parties are satisfied with the outcome and decisions are in the best interest of all."

The various transport operators include the GPRTU, Progressive Transport Owners Association and the Co-operative Transport Union.

Mr. Gbedemah, who was not willing to give the percentage rise that members will accept, said he is in touch with the Chief of Staff on the issue, adding that fixing of transport fares will depend on the final outcome of government consultations with the various parties.

High-level discussions are going on between senior officials of the Ministry of Mines and Energy and government advisers to come up with an appropriate price level for petroleum products.

The meeting is also looking at other petroleum tax options to make up for losses incurred in the last 12 months and beyond.

The Tema Oil Refinery is said to be in debt of more than two trillion cedis due mainly to uneconomic fuel prices.

A gallon of petrol is currently sold at 6,400 cedis and experts say this price is so low that it makes cost recovery impossible.