Residents of Keta in the Volta Region have expressed mixed reactions to a fresh increase in fuel prices, which took effect on September 1, with many fearing its likely impact on transport fares and the cost of living.
According to projections by the Chamber of Petroleum Consumers (COPEC) Ghana, petrol prices were expected to rise to about GH¢16.21 per litre, representing an increase of about five per cent from the previous average price of GH¢15.43 per litre.
The Chamber of Oil Marketing Companies (COMAC) also projected that petrol prices would increase by about 4.8 per cent and diesel by 2.1 per cent, with petrol expected to sell at about GH¢16.39 per litre and diesel at GH¢17.60 per litre.
Mr Raphael Gemegah, a resident of Keta, told the Ghana News Agency (GNA) that the latest fuel price hike could lead to higher transport fares, thereby placing additional pressure on household budgets already affected by the rising cost of living.
A cross-section of commercial drivers in the municipality also expressed dissatisfaction with the persistent increase in fuel prices and called on government to introduce measures to cushion transport operators and commuters.
Mr Gemegah, who is also a commercial driver, said operators were awaiting directives from their union leadership on any possible fare adjustment and would not take unilateral action until the Ghana Private Road Transport Union (GPRTU) and other transport unions had assessed the actual pump prices.
He said the prices of spare parts had risen considerably in recent months and feared that the latest fuel price increase would further worsen operating conditions for drivers and vehicle owners.
“The GPRTU has previously indicated that we, the drivers, are facing rising costs beyond fuel, including spare parts, lubricants, taxes, insurance and other vehicle-related charges, and has said it will assess actual pump prices before deciding whether to review fares.
He recalled that the GPRTU had earlier suspended a planned fare increase following Government intervention on diesel prices and was expected to assess prevailing pump prices before taking a decision on fares.
Mr Gemegah noted that some Oil Marketing Companies (OMCs) had already begun adjusting prices under the new pricing window.
He cited Star Oil as having maintained its petrol price at GH¢14.97 per litre while increasing diesel from GH¢16.47 to GH¢16.97 per litre, adding that other OMCs were monitoring market developments before reviewing their prices.
The GNA gathered that some industry analysts attributed the increases largely to developments in the international market, including a rise in the average crude oil price from $90.53 to $92.11 per barrel.
They said geopolitical tensions and uncertainty surrounding oil shipments through the Strait of Hormuz had contributed to the upward pressure on global oil prices.
The increase comes despite the recent appreciation of the Ghana cedi against the US dollar; a development many consumers had expected to help moderate fuel prices.
As uncertainty remains over the actual pump prices to be charged by individual OMCs and the eventual response of transport unions, residents have appealed to government to extend relief measures to mitigate the impact on consumers.
They warned that failure to implement timely interventions could deepen the economic hardship already being experienced by many households in the municipality.
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