GOIL in Ghana considers a 30% transport fare increase unjustified
GOIL in Ghana believes that higher fuel prices alone are not sufficient grounds for the proposed 30% increase in transport fares by the Ghana Private Road Transport Union (GPRTU). This was reported by MyJoyOnline, citing GOIL Managing Director Edward Bawa.
Not just the cost of fuel
According to Bawa, when reviewing fares, not only fuel prices should be taken into account, but also the exchange rate of the Ghanaian cedi against the US dollar, the cost of spare parts, insurance and other factors. He also pointed to the relative stability of the cedi despite rising global oil prices.
The head of GOIL said that the Ministry of Transport is working with the GPRTU on thresholds for fare adjustments. The issue of an increase, he said, should be considered when the combination of relevant factors reaches the established level.
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GOIL assesses scenarios
Global oil prices are approaching $100 per barrel, raising concerns about a possible increase in fuel prices at filling stations and its impact on transport costs. Bawa said that GOIL continues to analyze the situation and will seek ways to reduce the burden on consumers.
He stressed that rising oil prices do not necessarily mean an automatic increase in retail fuel prices, as this depends on the company's strategy. At the same time, GOIL must cover its own costs while considering the consequences of possible price changes for consumers.
Bawa also described geopolitical events as a source of pressure on companies selling petroleum products. According to him, fuel suppliers should seek to prevent an excessive financial burden on customers.
