- Transport fares are expected to go up by some 10% by next week in response to the recent fuel price increase.
- This will be the second transport fare increase in less than one month, a situation that could trigger inflation.
- Fuel price increased significantly yesterday as crude price hit record highs amidst the sanctions on Russia over the Ukraine invasion.
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Yesterday’s fuel price hikes that took petrol price to over GH¢10 per litre has compelled the Ghana Private Road Transport Union (GPRTU) to consider another transport fare increase by Monday, March 21, 2022.
The notice by the GPRTU spokesperson, Abbas Ibrahim Moro, on Thursday, March 17, 2022 comes less than a month after transport fares were increased.
He told 3 News that nobody sets up a business to make losses so the fuel price increase leaves the GPRTU, the largest and most influential driver union in Ghana, with no choice than to also increase fares to make up for increased cost of doing business.
He said transport fares would mostly be increased by 10% by Monday.
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Three weeks ago, transport fares went up by about 15%, in response to an earlier fuel price increase.
The latest fuel price increase on Wednesday, March 16, 2022 got Ghanaians talking, forcing some of them to take to social media to vent their frustration.
At the Total filling station, diesel sells at GH¢10.80 per litre.
Petrol is selling at at GH¢9.70 per litre.
Experts say the series of fuel price increases have been caused by a record high price of crude oil on the international market following a shortage triggered by sanctions on Russia, a major oil producer.
Ghana’s case has been exacerbated by the falling value of the cedi against the US dollar and a raft of taxes on a litre of fuel.
An increase in transport fares usually results in food and general inflation.
Falling Cedi, Russia-Ukraine War Pushes Fuel Prices Up, Ghanaians Soon Buy Diesel Above GH¢10 Per Litre
Petrol and diesel prices at the pumps went through the roof in Ghana from March 16, 2022, triggered in no small measure by the falling cedi.
Also, calculated sanctions on Russia by the US and its allies over its widely condemned incursion on Ukraine have also been fingered as a key factor in the hike in fuel price in Ghana.
The fall of the cedi against the US dollar, according to energy think tank, Chamber of Petroleum Consumers Ghana (COPEC-GH) has triggered a sharp rise in fuel prices for the next pricing window.
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