Business News of Monday, 29 October 2018
Three driver unions have joined forces to increase transportation fares by 20 percent today, October 29.
The unions, the True Drivers Union, the Ghana Committed Drivers Association and the Concerned Drivers Association of Ghana took the decision after deliberations with their members and recognizable commuter groups like traders in foodstuff.
Representatives of the unions in separate interviews said the 12 percent increase in fuel prices from June this year to date, and almost 89 percent increment in pump prices in two years, which was fizzling out the working capital and profits by commercial drivers was the consideration for their actions.
Increasing cost of lubricants and cost of spare parts were also other considerations in arriving at the 20 percent increase.
Contrary to this increment, the National Petroleum Authority (NPA), last week, said prices of petroleum products were likely to be reduced in the next pricing window as a result of the appreciation of the Ghana cedi against the US dollar and decrease in the price of petroleum products on the world market.
The Authority added that in line with the deregulation policy these positive developments would be passed on to the public through pump prices.