The Union said given the rate at which fuel prices had shot up over the period, it had projected a reduction of not less than GH₵2 per litre to lessen the burden on consumers.

Government on Thursday, March 24, 2022, announced a reduction of the margins on fuel by 15 pesewas per litre for the next three months effective April 1, 2022.

Addressing a press conference in Accra, Mr Ken Ofori-Atta, the Minister of Finance, announced a reduction in the BOST Margin by 2 pesewas per litre, and the Unified Petroleum Pricing Fund Margin by 9 pesewas per litre.

The Government further reduced the Fuel Marking Margin by 1 pesewa per litre, with the Primary Distribution Margin also reduced by 3 pesewas per litre.

“These reductions in margins are expected to reduce prices of petrol by 1.6 per cent and diesel by 1.4 per cent,” the Finance Minister told journalists on Thursday.

Reacting to the development in an interview with the Ghana News Agency, Mr Abass Imoro, Head of Communications, GPRTU, described the reduction rate as disappointing.

“If you look at the current increment from February 26 that we increased transport fares and where we are today, the 15 pesewas reduction looks like an insult to drivers as a whole. It is woefully inadequate,” he said.

Mr Imoro said the Union maintained its proposal to adjust transport fares upwards again by 15 per cent to correspond with the recent increment in ex-pump prices of petrol and diesel.

“Last week, we sent a letter the Transport Minister for us to meet and discuss it. We were waiting to hear what Government would say about the fuel. Now that we know it has been reduced by only 15 pesewas, we will meet as a union and discuss the way forward,” he said.

The ex-pump price for petrol and diesel currently stands at an average GH₵ 9.70 and GH₵10.80 per litre respectively.

Barring any change in the major variables that influence fuel prices (cedi depreciation and cost of crude on the international market), the 15 pesewa reduction on the selected margins could result in petrol and diesel selling at an average GHS9.55 and GHS 10.65 per litre respectively in the next pricing window.