The Union said a consultant it engaged to conduct a market survey into the prices of the components that went into the transport business proposed a 15 per cent increment, but that proposal had not been approved.

In an interview with the Ghana News Agency, Mr Godfred Abulbire, General Secretary, GPRTU said the Union cannot implement the 15 per cent increment proposal as doing so could risk their business.

He said the transport business had taken a nosedive since the last increment in fares last month and that another higher increment could ground their business in the wake of the seeming economic hardships.

Mr Abulbire said the GPRTU was still negotiating with relevant stakeholders and assured that the new increment in transport fares would not go beyond 10 per cent.

“The person who says we have increased fares by 25 per cent is only creating fear and panic. If we do that we are going to risk our business because a lot of people, especially students will be badly affected.

“In the Northern Region for instance, I can factually tell you that people are not traveling because they can’t afford the fares. So you can imagine what will happen if the fares go up beyond 10 per cent,” he said.

Mr Abulbire said the GPRTU would meet the Minister of Transport, Mr Kwaku Ofori Asiamah, to discuss the proposed rate and arrive at a figure that would benefit both the public and transport operators.

He urged the public to stay calm and encouraged transport operators to desist from hiking fares.

The decision by the GPRTU to increase transport fares come on the back of a sharp rise in prices of petrol and diesel at the pumps last Thursday, June 16, 2022.

The price of petrol has gone up by about 10 per cent to sell at an average GHS 10.95 per litre while diesel is trading at an average GHS 13.50 per litre, representing about 14 per cent increment in the Second June 2022 Pricing Window.

The Institute for Energy Security (IES) attributed the “sharp rise” in fuel prices to the continuous depreciation of the Cedi against the US Dollar and the rise in the international market prices for petrol and diesel.

The Institute said the cedi depreciated by 0.86 per cent in the just-ended pricing window (June 1 to 15, 2022) while the international market price for petrol and diesel shot up by 14.81 per cent and 17.67 per cent, respectively.

Transport fares went up by 20 per cent last month. As of May 9, 2022, when the new fares took effect, petrol and diesel were selling at a national average of GHS 9.41 and GHS 11.12 per litre respectively.