The Trades Union Congress (TUC) has expressed worry over the frequent rise in the prices of petroleum products. 

The Union says the situation is having a huge toll on the general welfare of the populace and the business community. 

In a statement, the Union maintained that the unstable fuel prices have led to increases in prices of goods and services –  a development it describes as lamentable. 

“Regardless of how one rationalizes the current situation, the truth is that the rising fuel prices have already had significant adverse impacts on living standards. Erosion of values of incomes has been severe, particularly for workers on fixed salaries. Many more Ghanaians have been pushed into poverty because of the rippling effects of higher fuel prices on general level of prices of other essential items.”

Prices of petroleum products have skyrocketed within the last few days.

Diesel is currently selling between GH¢10 and GH¢11 per litre, while the price of petrol has crossed the GH¢9 mark at some filling stations.

This has led to an upsurge in general prices. A recent report released by the Ghana Statistical Service noted that petroleum and food prices are the major driving forces of inflation in Ghana in recent times.

Transport operators are also proposing to increase fares by 20% following the rise in fuel prices, after they last increased fares in February this year.

But as a means of cushioning the ordinary Ghanaians, the TUC suggested, among other proposals, the removal of all taxes and levies on the fuel price build-up.

“We propose that Government must immediately suspend all taxes and levies on petrol, diesel, LPG, and Kerosene. This should bring down prices of these fuel products by an average of about 15 percent. The suspension should remain in force until the international price of crude oil stabilizes and the decline of the cedi has been halted.”

“The reduction in fuel prices will hopefully translate into the stabilization of or even reduction in prices of other essential items. including food More importantly, suspending taxes and levies on these fuel products in these challenging times will demonstrate to Ghanaians that our government is sensitive to the plight of the people of Ghana”, the TUC added. 

Read full letter below..