Fuel prices hit GHC 8 per liter as transport fares increase by 30%
Fuel prices have almost hit GHC8 per liter following about a 4% increase in prices of petroleum products at the pumps beginning yesterday.
As usual, Total has taken the lead selling both a liter of petrol and diesel at GHC 7.99p respectively.
It is expected that the other oil marketing companies will follow suit particularly the leading firms such as Shell, GOIL and Puma.
Meanwhile, the Chamber of Petroleum Consumers (COPEC) insists government must do something about the rising fuel prices to cushion consumers.
The Executive Secretary for COPEC, Dr. Duncan Amoah, noted that, “the more sustainable bit will be to look at the BDC or fuel importers to see how best to mitigate these shocks that will be recording on the international market, there can be a certain agreement with them even for a certain FX rate to be advanced to them on quarterly basis so that they can plan their import. We could also apply part of the windfalls that we are recording for our crude exports which in the 2022 is pegged at 62.5 and currently selling around $95.”
“If we could apply some of this windfalls to the BDC position, then the OMC would not need to further squeeze their margins in order to stay competitive and to be able to give these kinds of artificial prices that they are currently quoting at their various pumps,” he added.
On the back of this development, the Private Commercial Transport Operators has indicated that effective Friday, February 18, transport fares would be increased by 30 per cent.
According to the group, this decision has been taken to save transport businesses from collapsing with the frequent upward adjustments in fuel prices.
“A gallon of fuel which used to sell at the pump for ¢27, has now jumped to almost ¢36 per gallon,” the group bemoaned in its statement dated February 17.
On Monday, February 7, the Coalition of Private Transport Operators presented a proposal for a 30% increment in transport fares to the Transport Ministry for consideration and approval. But the government suggested a 10 per cent increment.
The Coalition rejected government’s offer insisting a 10% increment will shut down their operation.
Meetings between both parties have ended conclusively and the government is expected to meet the Coalition tomorrow, Friday.
Chairman of Ghana Committed Drivers Association, Charles Danso, has also noted that fuel prices have been increased by about 30 pesewas per litre ahead of the meeting with government.
In view of this, the Private Commercial Transport Operators has directed its members to “implement the increase from tomorrow, 18th February 2022, without further delay.”
Meanwhile, the group has entreated public transport users to bear with them as they need to save their business, sustain it and keep providing public transport users their critical services.
