Transport fares expected to go up by 10%

Transport fares

Transport fares in Ghana is expected to go up by 10% later this week.

The Ghana Private Road Transport Union and the Ghana Road Transport Coordinating Council are attempting to secure the Transport Minister’s approval for a 10 percent rise in transport fares, which is anticipated to occur later this week.

At a meeting between the two organizations and the Minister of Transportation on Friday, June 17, 2022, there was general consensus that the fares should be reevaluated.

The margin of increase for petroleum products was not, however, the subject of a definitive agreement.

The operators and the Minister of Transport, Kwaku Ofori Asiamah, are however scheduled to meet on the 22nd of June, 2022, at a crucial meeting.

During the most recent Pricing-window, which ended on June 15, 2022, the average price of fuel on the local market climbed by 4 percent.

For the rest of June 2022, the Institute for Energy Security (IES) forecasts a significant increase in the cost of various goods due to the 0.86 percent depreciation of the cedi and the 14.81 percent international market price increase for petrol and diesel.

In nominal terms, the price of gasoline will climb by around 10 percent to exceed ¢11 per litre, while the price of diesel will increase by approximately 15 percent to exceed ¢14 per litre.

The price of liquefied petroleum gas (LPG) is expected to decrease by 5 percent from its current level.

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GOIL, the market leader, has raised the price of petroleum products at the pump.

Over the weekend, it went up for sale.

A litre of petrol costs ¢10.99 at the moment, which is in line with the market.

For the time being, diesel costs ¢13.39.

On the basis of the industry’s pricing mechanism, it is apparent that most oil market companies absorbed less than half of the cost.

As a result, the current market price should have been higher.

As Transport fares in Ghana are expected to go up by 10%, the public should anticipate the outcome of the meeting and hope for best results.

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