Transport fares are anticipated to rise by 10% later this week if the unionized operators, Ghana Private Road Transport Union and Ghana Road Transport Coordinating Council, can secure the Transport Minister’s approval.
The operators and the Transport Minister Kwaku Ofori Asiamah are due to meet this Wednesday, June 22nd, 2022, in a crucial meeting.
However, at a meeting last Friday, June 17th, 2022, between the two bodies and the Transport Minister, there was some consensus that the fares should be reviewed.
However, no final agreement was achieved on the margin of increase for petroleum products.
The group also decided that it was past time to reconsider some fuel taxes.
The Institute for Energy Security (IES) forecasted another high increase in the prices of different items for the remainder of June 2022, owing to the cedi’s 0.86 percent depreciation and the foreign market price increase of 14.81 percent for petrol and diesel.
In nominal terms, it predicted petrol prices will rise by around 10% to sell over 11 per litre and diesel prices would rise by nearly 15% to sell above 14 per litre.
However, the price of liquefied petroleum gas (LPG) is expected to decline by 5% from its present level.
Meanwhile, GOIL, the market leader, has raised the price of petroleum goods at the pump.
It went up over the weekend.
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A litre of petrol costs ¢10.99, which is in accordance with market conditions.
Diesel, on the other hand, costs ¢13.39 pesewas.
Based on the industry pricing model, it is obvious that most Oil Market Companies have absorbed a fraction of the cost.
This suggests that prices should have been higher than they are now.
SOURCE: myjoyonline
