Following Chamber of Petroleum Consumers’ (COPEC) forecast of a 4% increase in petroleum prices starting July 16, 2024, due to the cedi’s depreciation against the dollar (shifting from $1.2779 to $1.462), prices for petrol, diesel, and LPG are expected to rise.
COPEC estimates new retail prices of GHS14.795 per liter for petrol, GHS15.332 per liter for diesel, and GHS16.205 per kilogram for LPG.
This price adjustment is poised to impact various sectors, particularly transportation.
The Ghana Private Road Transport Union (GPRTU) anticipates a substantial 10% increase in transport fares as a direct result of these fuel price hikes.
In an interview with Abbas Ibrahim Moro, PRO for GPRTU, on Accra-based Hot 93.9 FM, he confirmed these expectations, stating, “With the increase in fuel prices, we are likely to see a 10% hike in transport fares to cover the new costs.”
Moro emphasized the necessity of this fare adjustment to enable transport operators to manage operational expenses effectively without incurring losses.
“Fuel costs heavily influence our operational economics,” he noted, underlining the critical link between fuel prices and transport fares.
The prospect of higher transport fares has sparked concerns among commuters and stakeholders, reflecting broader worries about the escalating cost of living amidst these economic shifts.
