Government sources have confirmed to a local radio station that new petroleum prices and transport fares will be announced in a matter of hours.

High level meetings have been on-going throughout today (Thursday) to decide on the percentage increase.

Petrol currently sells at ?30,000 a gallon following a 50% increase in February this year.

The world market price at the time of the increase was $56 per barrel.

Government sources say they can no longer continue subsidizing the commodity which currently sells at about $62 per barrel on the world market.

What has delayed a decision on the new price is the percentage increase and how to manage the political outbursts that are sure to come, says one of the sources.

Government sources say the National Petroleum Authority is most likely to settle on 35,000 cedis considered a middle ground and an announcment to that effect is expected on Friday.

In the wake of unending ?wahala demonstrations?, collapse of industries, non-payment of salary increments to government workers and ordinary people still adjusting to the February increment, the expected increment will cause further disaffection for the Kufuor government.

It also comes amidst open fight between bus conductors and passengers on the Metro Mass Buses following an unannounced 50% increase in the fares.

Whilst inaugurating the petroleum authority governing board last week, President Kufuor cautioned against politicizing decisions on petroleum because it ?is so intricately enmeshed in the nation's socio-economic development.?

That advice notwithstanding, political opponents and economic analysts are sure to criticize government for the increment when it is announced.

Some political groupings have for several months been campaigning for a reduction in the price of petroleum prices arguing that the February increment is beyond the reach of many Ghanaians.

Shouting that victory is in sight for them, the Committee for Joint Action on Tuesday announced that the NPP government is finally yielding to public pressure and has in fact reduced the TOR Debt Recovery Levy on fuel.

Mr. Ato Ahwoi, a member of the CJA announced that ?specifically Government has reduced TOR Debt Recovery Levy on petroleum by 462.52 cedis per gallon or by 16 per cent. The levy on diesel has been reduced from 2,880 cedis per gallon to 1,317.73 cedis per gallon a decrease in tax of 1,562.27 cedis per gallon or 640.00 per litre to 292.83 cedis per litre a reduction of 347.17 cedis per litre with effect from July 15 this year.?