Transport
fares are expected to go up by some 10% later this week if the unionised
operators, Ghana Private Road Transport Union and the Ghana Road Transport
Coordinating Council, are able to get the Transport Minister’s blessings on
this margin of increase.
The
operators and the Transport Minister, Kwaku Ofori Asiamah, are expected to meet
at a crunch meeting this Wednesday, June 22nd, 2022.
However, at
a meeting between the two bodies and the Transport Minister last Friday, June
17th, 2022, there was some agreement that the fares should be reviewed.
But a final
agreement was not reached on the margin of increase of the petroleum products.
The meeting
also agreed that the time has come for some taxes on fuel to be reviewed.
Prices
of fuel on the local market increased over 4% on average terms in the just
ended Pricing-window of June 15, 2022.
For the rest
of June 2022, the Institute for Energy Security (IES) projected another sharp
rise in the price of the various products on the back of the 0.86% depreciation
of the cedi and the international market price increase of 14.81% for petrol
and diesel.
In nominal
terms, it said petrol price will increase by about 10% to sell above ¢11per
litre and diesel by about 15% to sell above ¢14 per litre.
Price of
Liquified Petroleum Gas (LPG) however was projected to fall further by 5% from
its current price.
Meanwhile,
market leader, GOIL, has increased the price of petroleum products at the
pumps.
It went up
over the weekend.
A litre of
petrol is going for ¢10.99 which is in line with the current market condition.
However,
diesel is going for ¢13.39 pesewas.
Based
on the pricing formula for the industry, it’s clear that most of the Oil Market
Companies have absorbed a fraction of the cost.
This means
prices should have been more than what is presently prevailing.
Source: myjoyonline.com