Prices rise after fuel price hike
The government, recently, through the National Petroleum Authority (NPA), increased the prices of petroleum products between 15 and 50 per cent, which took effect from Sunday 17th, February, 2013.
This meant that a gallon of petrol would now be sold at GH¢9.22 or GH¢2.0496 a litre, while the maximum indicative price for diesel is now GH¢9.31 a gallon or GH¢2.0683 per litre.
The NPA also indicated that, the price of kerosene was up by 15 per cent and would sell at 104.65Gp per litre, while that of Liquefied Petroleum Gas (LPG) was up by 50 per cent, selling at 194.85Gp per litre or GH¢24.36 per a 12.5 kg cylinder.
The current fuel prices has brought joy to almost every trader in this country because it presents a perfect opportunity to ride on the back of the increased fuel prices to inflate prices of goods and services in order to maximise profit.
The traders charge these exorbitant prices, all in the name of transport fares being increased, but even with the current fuel prices, the transport fares are only increased between eight per cent and 25 per cent which means that consequently a fare of 20GP is now 25GP; 80GP is now 90GP and GHC1.25 is also now increased to 1.35 for intra-city movements by trotro or buses.
For inter-city movements or long distance travels, there has been an increase of varied additions of 25,35,40,45 and 50 Ghana pesewas over the previous fares.
In this regard, a fare that was formally GH¢ 1.45 is now GH¢ 1.70, GH¢ 1.55 is now GH¢ 1.85, and GH¢ 1.85 is now increased to GH¢ 2.20, GH¢ 2.10 increases to GH¢ 2.50, while this is increased to GH¢ 2.95 and GH¢ 3.95 went up to GH¢ 4.65.
A distance between one kilometre and 2.5 kilometres by taxis attracts GH¢ 0. 70 over the previous fare of 60Gp while the fare for a distance between 2.5 kilometres and 23.5 kilometres increases from GH¢ 2.75 to GH¢ 3.20.
The current transport fares indicated that the fares has only gone up by 15.79 per cent which in real terms, the fares has been increased to about 5Gp to 20GP
With the increased fares of about 5Gp to 20Gp, the trader has still gone ahead to charge exorbitant prices on goods and services, all in the name of increased transport fares just to maximise profit.
The GRAPHIC BUSINESS paid a visit to the Kwame Nkrumah Circle market to find out how prices are doing and how the ordinary Ghanaian is coping with these exorbitant prices charged on goods and services.
Our visit revealed that some of the traders in the market have increased prices of items while others still sell at the old prices.
A trader, Madam Gladys Osei told the GRAPHIC BUSINESS that she was glad the government has increased the fuel prices because it aided them to also increased prices of their items in order to make profit.
She added that since they are into the business to maximise profit, any time there is an opportunity like this to increase prices of items they were always happy in that they could also manipulate the situation in order to get some little profit.
She however revealed that some of her customers sometimes complained about her prices but what she tells them is that, she also bought with high prices from the retailers.
Madam Mary Prempeh, another trader said that she was not happy about the situation because, some of them are forced to increase the prices of their items in a sense that they understand the situation in people’s pockets as there is no money in the system.
She noted that she has increased the prices of her items because her retailers have also increased their prices adding “so the next time you go to buy from them you will only go to meet new prices.”
Story by Prince Amadu Mohammed