Agbogbomefia of the Asogli State, Togbe Afede XIV, has averred that the free fall of the local currency, Cedi, is the reason for the incessant increase in the price of petroleum products on the Ghanaian market.
He furthered that, though the prices of petroleum products have equally shot up globally, the cedi depreciation remains the main cause of Ghana's woes when it comes to the hike in fuel prices.
Currently, fuel prices are selling at GH¢10.80pesewas at some pumps across the country.
He also said he was taken aback when he heard the Cedi had crossed GH¢8 to a Dollar.
Bemoaning the increase in fuel prices when the board and management of the National Petroleum Authority (NPA) paid a courtesy call on him at Ho in the Volta Region over the weekend, Togbe Afede XIV said “It is not local inflation per se, neither is it about world market price of crude but falling value of Cedi, that is a big challenge. I was surprised when yesterday I heard the Cedi has crossed the GH¢8 mark to the dollar."
“When you imagine that only recently the cedi was GH¢5 to the dollar, it means that GH¢8 to the dollar is a 60% jump over a short period. This means that even if the gold price is still the same the dollar effect alone will have meant a 60% rise in the local price of petroleum products,” he added.
Meanwhile, the Ghana Private Road Transport Union (GPRTU) of the Trades Union Congress (TUC) has written to the Transport Minister for a meeting to consider an upward adjustment of transport fares.
The Union wants a 10% increment in fares.
This was contained in a letter dated March 17, 2022, and signed by the General Secretary, Godfred Abulbire to the Transport Minister.
