The Ghana Road Transport Co-ordinating Council (GRTCC) has announced new fares in view of yesterday?s review in the prices of petroleum products.

Figures made available to the paper show a 2.7 per cent increase in transport fares. The price of petrol has gone up by 10 per cent. Under the new fare regime, intra-city routes that were charging ?1,500 are now supposed to charge ?1,400.

Mr Kojo Moses, chairman of the GRTCC, explained to the paper that fuel forms only 26 per cent of the operational cost build up in the transport sector, and added that 10 per cent increment in fuel prices should result in a 2.7 per cent increase.

Meanwhile, a team from the National Petroleum Authority, the Association of Oil Marketing Companies and the chairman of the GRTCC, Mr Moses, toured some fuel stations in Accra to monitor the level of fuel price increases.

During the tour, it came out that the various oil companies were charging varying prices for petroleum products, which observers say, is an indication of competitive pricing among the oil marketing companies.

This is the first time that oil marketing companies have been given the opportunity to fix their own prices within margins determined by the NPA. This forms part of the gradual deregulation of the petroleum industry.