Business News of 2014-03-03

Transport fares kept unchanged despite petroleum price hikes

Transport operators say they will not increase fares despite hikes in petroleum products.
The National Petroleum Authority (NPA) over the weekend increased prices of some products between 3 and 6 per cent.
The Authority attributes the upward review to the decline in the cedi's value over the past two weeks. Transport operators say the adjustments did not go beyond the threshold required for fares to be increased.
Alhaji Aliu Baaba, General Secretary of the Ghana Road Coordinating Council, explains that the petroleum price increases must exceed 10 per cent within a six-month period to warrant an increase in transport fares.
Meanwhile consumers of liquefied petroleum gas (LPG) would still be paying the same price for the product for the next two weeks. This is despite increases in other products by the National Petroleum Authority.
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