Fuel prices may rise, but 30% transport fare hike doesn’t add up – GOIL CEO
GOIL says rising fuel prices alone cannot justify the Ghana Private Road Transport Union’s (GPRTU) proposed 30% increase in transport fares. Chief Executive Officer of GOIL, Edward Bawa, says other factors, including the cedi-dollar exchange rate, spare parts and insurance costs, must also be considered before fares are increased. His comments come as global crude […]
GOIL CEO Edward Bawa has stated that the proposed 30% increase in transport fares by the Ghana Private Road Transport Union (GPRTU) does not align with the rising fuel prices alone. Bawa explained that other factors such as the cedi-dollar exchange rate, spare parts, and insurance costs must also be taken into consideration. He highlighted that GOIL is still evaluating the situation and will explore options to mitigate the impact on consumers.
The CEO emphasized that while GOIL must cover its costs, it will also consider the effect of price increases on consumers. Bawa argued that the increase in GPRTU's assessment of transport fares should not solely be based on fuel prices and pointed out the need to consider the cedi's stability, spare parts, insurance, and other factors.
He urged GPRTU to take into account the broader economic picture. GOIL has a responsibility to assist transport operators in controlling fares, Bawa affirmed, acknowledging the challenges posed by global developments in oil markets and geopolitics.
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