Home | Goldstreet Business
Wednesday, June 18, 2025
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
Gold Business Logo
No Result
View All Result
Home Business Economy

Commercial transport hike expected this week

May 17, 2021
in Economy, Top Stories
0
Share on FacebookShare on Twitter

…threatens to reverse falling inflationary trend

A major increase in commercial road transport fares – as early as this week – now seems inevitable as government negotiates with unionized operators in a desperate late attempt to minimize the size of the impending increase which threatens to reignite double digit consumer price inflation.

RELATED POSTS

Nurses and Midwives call off nationwide strike

Zoomlion Contract Will Not Be Renewed, Sweepers’ Fees to Increase—President Mahama

Already the Ghana Private Road Transport Union (GPRTU) has had to exert its huge influence to hold back immediate, uncoordinated increases in commercial transport fares as operators, who have been held back from increases over the past year, are raring to take advantage of newly introduced levies and taxes on energy to increase their prices.

The impending fare hikes are certain to significantly impact on consumer price inflation in Ghana just after it returned to single digits, having recorded 8.5 percent in April, its lowest level since March 2020. Most economists fret that when the dust settles after the impending transport fare hikes, inflation will be back in double digits again.

Indeed, the immediate cause of the impending price hike is the adjustments in price of petroleum products by some of the major oil marketing companies.

This was after Shell and Total have increased their prices by a little over 12 per cent, with a litre of diesel and petrol selling at ¢6.13. Another major player, Allied is selling a litre for ¢6.10. It is yet unclear how the reduction in margins by the National Petroleum Authority will affect prices, its being introduced to curb fuel increases resulting from the implementation of the new fuel taxes/

The General Secretary of the GPRTU, Godfred Abulbire

According to the Association of Oil Marketing Companies, the prices are going up because its members are just applying the 0.30 pesewas on the price buildup of petroleum products as announced in the budget and the 0.17 pesewas introduced by the National Petroleum Authority (NPA).

But while negotiations are ongoing with government officials the GRPTU has called on all stakeholders to disregard any purported increase in transport fares.

In a statement jointly signed by Godfred Abulbire, General Secretary of Ghana Private Road Transport Union (GPRTU), and Emmanuel Ohene Yeboah, Ghana Road Transport Coordinating Council, the Transport Operators said following recent increase in the price of petroleum product, they commenced negotiations with stakeholders to determine an appropriate fare adjustment acceptable to all operators and the general public.

It said the next round of negotiation has been scheduled for this week by which time, the appropriate fare adjustment would be made known to the general public.

Many passengers anticipated that transport fares in the country will increase immediately after the government’s new tariffs, including a 30-pesewa hike in petroleum products, which kicked in on Saturday, May 1, 2021.

An increase in transport fares is most likely to also affect the general cost of goods and services in the country.

The National Petroleum Authority (NPA), however on Tuesday last week reduced the 17-pesewa increase in the margin on the prices of petroleum products to nine pesewas.

Many transport unions have already announced an impending upward review of fares.

For instance, the Ghana Private Road Transport Union (GPRTU) has stated that the fares could go up by as much as 20% which will factor in more than just the current fuel prices.

The General Secretary of the GPRTU, Godfred Abulbire, says that they are hopeful of finalizing negotiations with government shortly.

Mr Abulbire says that the Union is optimistic that government will accept their proposals, citing current economic conditions and rising cost of operations for the various Transport unions in the country.

“We should also realised that we are not just looking at fuel prices but other cost components that have been increased recently,” he adds.

Asked whether a 15 per cent adjustment in transport fares will be enough to deal with their issues, the General Secretary responded that they believe it’s okay for now to help slip.

However, a group known as the Concerned Drivers Association has indicated that it will increase transport fares by 40 percent.

According to them, their resolve to increase the fares holds, despite the government’s announcement of a reduction in the price of fuel by eight pesewas per litre.

The Spokesperson for the Concerned Drivers Association, David Agboado, says fares will still go up significantly.

He indicates that they considered various factors, including the anticipation of a general increase in the cost of fuel in the coming weeks on the world market.

“The OMCs have their own margin that they will bring out later because we know that the world market will be shooting up from today to the 15th. The first window will come out and when it does, it will be more than that 27 cedis so based on that, we’ll stick with the 40% we want to take” he said.

This is unlikely to happen though as the GPRTU usually takes a much less hawkish stance, often to the chagrin of many of its members. The consensus forecast by industry analysts as at the end of last week was a 20 percent increase. Although they admit that initially at least, some transporters will try to breach this before being reeled in by union directives and passenger resistance.

But even a 20 percent increase would push Ghana’s consumer price inflation back into double digits as traders in particular have the tendency to pass any transport fare increase of 10 percent or more fully onto their own customers.

Ghana’s inflation rate fell to 8.5 percent in April, down from 10.3 percent in March. It was the lowest inflation rate since March 2020, driven mainly by a slowdown in food prices (from 10.8 percent to 6.5 percent) particularly in the Greater Accra region as the effects of COVID 19 begin to ease. On the other hand, non-food inflation rose slightly (from 10.2 percent to 10.0 percent).

The inevitable impending rise in prices will derail the Bank of Ghana’s projections – made last year – that inflation would have fallen back to around the median of its target band of between six percent and 10 percent (i.e., eight percent) by the second quarter of this year. Instructively without the impending transport fare hikes that forecast was on the way to being fulfilled.

facebookShare on Facebook
TwitterTweet
Source: By Toma Imirhe
Tags: Commercial TransportGodfred AbulbireGPRTUHike
ShareTweetShare

Related Posts

Nurses and Midwives call off nationwide strike

Nurses and Midwives call off nationwide strike

June 13, 2025
Zoomlion Contract Will Not Be Renewed, Sweepers’ Fees to Increase—President Mahama

Zoomlion Contract Will Not Be Renewed, Sweepers’ Fees to Increase—President Mahama

June 13, 2025
Ghana Nets Over $1.17 Billion in Forex from Goldbod Programme – Finance Minister

Ghana Nets Over $1.17 Billion in Forex from Goldbod Programme – Finance Minister

June 5, 2025
BoG Governor announces plans to block leakages in remittances space

BoG Governor announces plans to block leakages in remittances space

June 5, 2025
They took out E-levy and brought E-levy Pro Max – Alhasan Tampuli reacts to ‘Dumsor Levy’

They took out E-levy and brought E-levy Pro Max – Alhasan Tampuli reacts to ‘Dumsor Levy’

June 5, 2025
Next Post

Ghana moves to ‘fix the country’

Energy sector in coma, press conferences won’t revive it – ACEP to Energy Minister

Energy sector in coma, press conferences won’t revive it – ACEP to Energy Minister

Archives

<
June 2025
  • June 2025
  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • August 2024
  • July 2024
  • June 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
▼
>
MonTueWedThuFriSatSun
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
     12
3456789
10111213141516
17181920212223
2425262728  
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
   1234
567891011
12131415161718
19202122232425
262728293031 
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
   1234
567891011
12131415161718
19202122232425
26272829   
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
  12345
6789101112
13141516171819
20212223242526
2728     
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
 123456
78910111213
14151617181920
21222324252627
28      
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
1234567
891011121314
15161718192021
22232425262728
       
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
     12
3456789
10111213141516
17181920212223
242526272829 
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
    123
45678910
11121314151617
18192021222324
25262728   
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       

RECOMMENDED

Nurses and Midwives call off nationwide strike

Nurses and Midwives call off nationwide strike

June 13, 2025
Zoomlion Contract Will Not Be Renewed, Sweepers’ Fees to Increase—President Mahama

Zoomlion Contract Will Not Be Renewed, Sweepers’ Fees to Increase—President Mahama

June 13, 2025

MOST VIEWED

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
  • Energy
  • Health
  • Auto
  • International
  • Subscription Form
  • Staff Webmail
  • About Us
  • Contact Us
Call us: +233 24 432 0902 | info@goldstreetbusiness.com

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

No Result
View All Result
  • Homepages
    • Homepage Layout 1
    • Homepage Layout 2
  • World
  • Business
  • Technology
  • Health

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.