Insurance cost has largely remained stable – NPA boss on transport fare pressure
The CEO of the National Petroleum Authority (NPA), Godwin Edudzi Tamakloe, says insurance costs for transport operators have remained largely stable despite growing pressure on the sector.
Godwin Edudzi Tamakloe, CEO of the National Petroleum Authority (NPA), stated on Joy News' PM Express Business Edition that insurance costs for transport operators have largely remained stable despite mounting pressure on the sector. The primary cost drivers currently affecting transport operators are fuel and staff wages, with insurance costs proving relatively stable.
The NPA recently increased the price floor for petrol to GH¢16 per litre and diesel to GH¢16.77 per litre, prompting calls for higher public transport fares. Transport operators have proposed a 30% fare increase, but this remains under review with the government. Tamakloe expressed concern over the potential impact of higher fares on consumers and inflation, stating that the NPA and the Transport Ministry have been working with operators to assess their cost pressures.
These pressures primarily stem from fuel costs, while staff wages have remained relatively unchanged for the year. The Naira's stability, he added, has helped keep costs for imported spare parts in check. The government has also been intervening to mitigate the impact of fuel price hikes, with the focus now shifting towards sharing the burden with transport operators rather than directly passing the costs onto commuters.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
