It appears that the woes of fuel consumers are not yet over, as the prices of the commodity is tipped to increase by about 12 percent in the coming days, and as a result, The Ghana Private Roads Transport Union (GPRTU) says it will be adjusting transportation fares upwards.
According to the Union, the move has become inevitable following a series of increments at the pumps. Transport fares had gone up last month triggering another rise in the rate of inflation.
In view of this, the GPRTU says Ghanaians should prepare for the looming increment in transport fares.
Following the hike in fuel prices, the Union made up of both commercial and private drivers and other stakeholders has called on the government to scrap some taxes on fuel to cushion consumers.
The latest press release by the Chamber of Petroleum Consumers Ghana (COPEC), explained what is accounting for the anticipated price hikes.
‘‘Current Crude prices are at $124.96 per barrel, resulting in processed Petroleum Products of $1,451.25 per metric ton of petrol and $1,289.97 per metric ton for diesel, coupled with further depreciation of the exchange rate of $1:Gh₡8.0483 and the government’s applicable tax rebate of 15 pesewas per litre still in place till the end of June 2022.’’
What could be the way forward with the situation, as there is no end in sight with global oil prices continuing to soar?