The hopes of Ghanaians for a reduction in transport fares have been dashed after the General Secretary of the Ghana Private Road Transport Union (GPRTU), Godfred Abulbire said there will be no reduction any time soon.

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

IES said the new prices will fall to about GH¢13 and GH¢16 per litre for petrol and diesel, whilst Liquefied Petroleum Gas will go for about GH¢12 per kilogram.

The recent fall has led to incessant calls by Ghanaians for commercial drivers to reduce their fares after increasing them by almost 40 percent since the beginning of the year.

Speaking on Eyewitness News on Citi FM on Wednesday, Mr Abulbire said the Union will not rush into a reduction until all the components that contribute to the increase in transport fares are reduced.

He added that the Union will also observe the trend in the recent fall of fuel prices and the appreciation of the cedi to ensure that it is consistent before they decide on the margin of reduction.

“For now, we will not rush and reduce fares, we need to observe things before we reduce before they increase again, and we are told to increase. We are going to observe and by the next pricing window, if the price comes down, nobody will need to tell us to reduce fares.”