GPRTU: We will reduce fares if fuel prices reduce below 20%
Prices of fuel have reduced at the various pumps following a directive by the National Petroleum Authority to reduce petrol by GHC0.35
The Ghana Private Road Transport Union (GPRTU) has said it will not reduce transport fares until the National Petroleum Authority (NPA) meets its demands to reduce the price of fuel.
Prices of fuel have reduced at the various pumps following a directive by the National Petroleum Authority to reduce petrol by GHC0.35, currently selling at GHC10.95 whereas diesel is selling at GHC13.26 among the leading oil marketing companies.
Speaking to Asaase News, the public relations officer of the GPRTU, Abass Imoro said there will be a reduction in transport fares only if prices of fuel stabilise.
“Before we came up with the 20% increment that was in May, there has been so many increment in different ways,” he said.
“So, if the NPA will be in a position to reduce to where we where before we came up with the 20% then of course that will attract a decrease in lorry fare.”
Fuel prices down
Meanwhile, prices of petroleum products have dropped marginally between 3% and 6% as of 1 August 2022, marking the second consecutive decline in retail costs of fuel since oil prices began to fall on the global market.
According to the Chamber of Petroleum Consumers (COPEC), the expected reduction would have been bigger but for the depreciation of the Ghana cedi against the US dollar.
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,” said the executive secretary of COPEC, Duncan Amoah. “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.
Checks by Asaase Business at the pump on Monday show that petrol has dropped by 0.35 pesewas in price and is now retailing for less than GHC11 (currently GHC10.95), while diesel is selling for GHC13.26, a 0.36 pesewa decrease.
