Despite a 9% increment in some petroleum products effective Sunday May 17, 2015, commercial drivers have been admonished by their leaders to maintain the existing fares for the rest of the month.
“Following the recent increase in the price of petroleum products, all transport operators are being informed not to increase transport fares pending the midyear review of transport fares which is scheduled for June, 2015.”
The unions also said the new fare is being stayed to enable them take into consideration other components that go into the running of commercial road transport services.
Per the new prices, petrol will now be selling at ¢3.33 per litre from the previous ¢3.05, while diesel which was previously sold at ¢2.97 will be selling at ¢3.24.
Liquefied Petroleum Gas (LPG) will now be selling at ¢2.88 from an old price of ¢2.64. MGO Local which was sold at ¢2.96 will go up to ¢2.96. Price of premix fuel and RFO, however, remain unchanged.
A statement from the Chief Executive of National Petroleum Authority, Mr. Moses Asaga explained the increment has become necessary to forestall shortages of the products at the fuel stations.
“The increment is the direct result of increases in the world market price of the various commodities. Between February 2015 and now, there has been a 37% change in the price of Petrol, 26% in diesel and 43% in LPG.
“This had led to an increasing rate of unpaid under recoveries or subsidies, amounting to about GH¢146 million, which is causing serious liquidity challenges for the Bulk Oil Distribution Companies (BDCs). If not checked, this can lead to fuel shortages at the pumps and its attendant effects on productivity.”