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Business News of Wednesday, 3 August 2022


Transport fares will only reduce if fuel prices reduce below 20% - GPRTU

Fuel price increases result in increased transport fares Fuel price increases result in increased transport fares

The Ghana Private Road Transport Union (GPRTU) has intimated that a decrease in the price of fuel can influence its decision to reduce transport fares.

According to the public relations officer of the GPRTU, Abass Imoro, it took a series of fuel price increments for the Union to increase transport fares, therefore, only a decrease in fuel prices will result in transport fares reduction.

“Before we came up with the 20% increment that was in May, there have been so many increments in different ways,” he said in an Asaase News interview.

“So, if the NPA will be in a position to reduce to where we were before we came up with the 20% then of course that will attract a decrease in lorry fare,” he added.

Meanwhile, some OMCs have reduced their fuel prices after the National Petroleum Authority issued a directive that petrol prices should be reduced by GH¢0.35.

Petrol is currently selling at GH¢10.95 whereas diesel is selling at GH¢13.26 among the leading oil marketing companies.

Prices of petroleum products have dropped marginally between 3% and 6% as of 1 August 2022 on the global market.

The Chamber of Petroleum Consumers (COPEC), noted that but for the depreciation of the Ghana cedi, the expected reduction would have been bigger.

Executive secretary of COPEC, Duncan Amoah said, “What we picked from the market for the first window of August [2022] is an indication that prices at the pumps should have gone down significantly. The unfortunate thing at this point happens to be with the currency [the cedi].”

“As I speak with you, over the two-week window, the forex [rate] has seen some depreciation,” he said.


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