General News

Transport fares expected to go up by 10%

Pinterest LinkedIn Tumblr

If the Ghana Private Road Transport Union and the Ghana Road Transport Coordinating Council can secure the Transport Minister’s approval, transport tariffs might rise by 10% later this week.

Transport Minister Kwaku Ofori Asiamah will meet with operators on June 22, 2022.

On Friday, June 17, 2022, the two organizations and the Transport Minister agreed to review the rates.

The margin of increase for petroleum products wasn’t finalized. The conference decided to evaluate gasoline tariffs.

In the just-ended Pricing window of June 15, 2022, local gasoline prices rose 4 percent on average.

The Institute for Energy Security (IES) projects another substantial spike in June 2022 product prices due to the 0.86 percent cedi devaluation and the 14.81 percent international market price increase for petrol and diesel.

In nominal terms, petrol will cost over 11 per litre and diesel above 14 per litre. LPG prices are expected to drop 5% from their present levels.

Meanwhile, the 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.

Write A Comment