With effect from May 17, transportation fares are anticipated to decrease by 10%.
This follows the expectation of a decrease in fuel prices.
In a statement released on Monday, May 15, transport companies said, “In line with the administrative arrangement on public transport fares, the road transport operators have reduced public transport fares by 10 percent to accommodate for the reduction in the price of petroleum products observed over the period.”
“We further request all operators, commuters and the general public to kindly cooperate for the successful implementation of the new fares”, the statement concluded.
Earlier on, from the second window of May, the Chamber of Petroleum Consumers Ghana (COPEC) forecasts a decline in fuel prices.
The decrease is attributable to a decline in the price of crude oil on the global market.
Another factor was the Ghana cedi’s relative stability in comparison to other trade currencies, particularly the US dollar.
According to COPEC, gasoline will cost GH11.67 per liter at the pump while diesel will cost GH11.51.
Currently, the cost of gasoline ex-pump is Gh12.00.
COPEC, in a statement, said “indications are that pump prices are likely to decline for fuel products across the country”.
“The following basic information forms the basis of projections for the coming window: crude price has seen a decline from the mean price of $85.29/barrel to $76.64/barrel (-10.14%) while the forex or dollar exchange rate has slightly decreased from a previous average of GHS12.0060 to GHS11.9963 (0.08%) per $1″.
COPEC added: “The following shall be the predicted retail figures for petroleum products; petrol – GH¢11.67/L, diesel GH¢11.51/L”.
It claimed that during the first pricing window in May 2023, fuel prices remained largely unchanged.
