Business News of Thursday, 15 December 2022

Source: classfmonline.com

Parliamentary 'arrangement' needed to ensure fares, fuel prices reduce - Annoh-Dompreh

Frank Annoh-Dompreh, the Majority Chief Whip and MP for Nsawam-Adoagyiri Frank Annoh-Dompreh, the Majority Chief Whip and MP for Nsawam-Adoagyiri

The Majority Chief Whip and Member of Parliament (MP) for Nsawam-Adoagyiri, Frank Annoh-Dompreh, has called on the government to put in place “an arrangement” that will ensure the control of transport prices in fair correspondence with the reduction of petroleum products at the pumps.

Speaking on the Floor of Parliament as he rallied support for the transport report presented by the Minister of Transport Kwaku Ofori Asiamah, he noted with concern the failure of transport operators to reduce fares despite the “consistent reduction” in fuel prices at the pumps and the appreciation of the local currency against the dollar.

“We’ve often lamented about the skyrocketing price of petrol [and] diesel in this country and Speaker, I must commend the government that in recent times, we read and we see a consistent reduction in the ex-pump price of these products. And it’s gratifying that the dollar is also struggling to contain the strength of the cedi. These are all good times,” he said clad in white.

“However, I am not too happy when the ex-pump price of these products is going down and yet transport operators don’t pay heed to this consistent reduction in the price of such products,” he bemoaned.

“I think going forward, we must have an arrangement to deal with this concern,” he proposed.

“The Ghanaian people are speaking to this, it’s a big concern for all of us, and Minister, in your response, and in your commentary, members are eager to hear, what you’d say and what the solution would be like,” he took his seat.

Prices of petroleum products are expected to fall significantly beginning this Friday, December 16, 2022, the Institute for Energy Security (IES) has projected.

The Chief Executive Officer of the Chamber of Commercial Transport Union of Ghana Benjamin Nsiah has also hinted that prices of transport fares are likely to go down by some 20 percent effective Tuesday, 20 December 2022. Speaking to Class Business, he indicated that various unions are engaging to decide on the right percentage of reduction.

Meanwhile, Parliament has approved GHS1,226,000, for the Transport Ministry for the year 2023.

This comes after the Transport Committee of Parliament presented its report on the government’s request for the stipulated amount as part of other activities to operationalise the Ghana Airline by the first quarter of the year 2023.