The Ghana Private Road Transport Union (GPRTU) has indicated that transport fares will henceforth be adjusted automatically anytime fuel prices go up by over 10%.
According to the Union, the recent 15% increase in transport fares which took effect on February 26, 2022, would go up again once fuel prices cross 10% again.
In an interview with the Ghana News Agency (GNA), deputy general secretary in charge of operations, GPRTU, Richard Yaw Amankwah, said they were concerned with the high and rising cost of fuel at the pumps hence their decision to benchmark transport fares against fuel prices to cushion the transport business.
“We have indicated that whenever fuel prices go up above 10 percent as of the time, we were increasing transport fares (February 26), we will adjust the fares upwards
“So, we are still monitoring the prices. Even today it has gone up, so we are just marking time. When it is up to the 10% increase, the same margin would be added to the transport fares, “ he told the GNA.
Ex-pump prices for petrol and diesel went up by some 30 pesewas per litre on March 1, 2022, trading at an average GHC 8.20.
Some market analysts have projected that prices at the pumps could shoot up to GHC9.0 per litre if nothing was done to check the rate at which the cedi is depreciating against the US Dollar.
The continuous rise in the price of Brent Crude on the international market has also been blamed for the instability in prices of petroleum products locally.
The Institute for Energy Security (IES) had projected that the prices of petrol and diesel would go up by at least 4 per cent this week, citing the performance of the cedi against the Dollar as a major catalyst.
In its review of the February 2022 Second Pricing Window, the IES found that the cedi depreciated by 4.11 per cent to close at GHC6.85 to the Dollar in the last pricing window.
The Chamber of Petroleum Consumers (COPEC) had also projected that ex-pump prices of petrol, diesel and LPG would increase by about 4.6 per cent, 3.4 per cent, and 2.5 per cent respectively from March 1, 2022.
It projected that both petrol and diesel would trade at an average GHC8.190 per litre whereas LPG would sell around GHC9.163 per kilogram in the First Pricing Window of March 2022.