The Ghana Private Road Transport Union (GPRTU) has hinted of a possible increase in commercial transport fares due to hike in fuel and spare parts cost in the country.
The Union said prices of spare parts and lubricants keep increasing and affecting their profits hence the need for an increment in transport fares.
The Senior Industrial Relations Officer of the GPRTU, Abbas Ibrahim Moro, told Starr FM that the matter is on the table and will be considered soon.
“Currently spare parts have not been reduced, they have been increased. Some items we use in running transport have never been reduced, it has increased. We will compare some of the items that we have identified. Then with the new increased prices we can talk on any increment and any percentage that we want to ride on,” Moro explained.
He recalled when spare parts dealers announced a price reduction of their goods but did not reflect on the market.
“… we challenged them [about the reduction] of which they’ve not been able to publish what has been reduced. We have even identified some of the items like tyres, its prices have gone up. When we even said they haven’t reduced it, now it has gone up again,” he said.
He continued: “For now, we don’t have to mention anything. It is expected to come, but it hasn’t come so let’s wait until tomorrow and see. The new fuel price will come. We will make research into some of these things and identify the actual percentage we are to come up with. Let the prices come because nobody is prepared to trade at a loss”.
GPRTU and the National Road Transport Coordinating Council on December 19, 2022 announced an 18.3% reduction in transport fares after reaching an agreement with stakeholders.
However, fuel prices have moved up twice in the past four weeks.
On February 1, 2023, the prices of petroleum products on the Ghanaian market increased at the pumps from GHS 13.60p to almost GHS 16.00.
One of the market leaders, GOIL, is now selling a litre of petrol at ¢15.25, from the previous ¢13.60. Diesel on the other hand is going for ¢15.90 per litre, from the previous ¢15.52.
Other OMCs are expected to announce new fuel prices within the week.
Energy think tank, the Institute of Energy Studies (IES) had earlier projected that Petrol will retail for about GH₵15 per this month.
Its prediction was between 7% and 13% jump in the prices of petrol, diesel and Liquefied Petroleum Gas (LPG), from February 1, 2023.
It is expected to last for a while when the Cedi stabilises.
