THERE WILL BE NO REDUCTION OF PRICES SAYS GUTA

The Ghana Union of Traders Association (GUTA)
says the 10 percent reduction in fuel prices
announced by the National Petroleum Authority
(NPA) will not amount to any reduction in
goods and services on the market.
Since the reduction was announced on
Wednesday, pressure has been mounting on
transport operators and traders to reduce
their wares and fares in line with the NPA’s
announcement.
However GUTA in an interview with Citi News
said its members will not reduce the prices of
their products since the cost of transacting
business has not changed.
The President of the GUTA, George Ofori
said :”I am saying no [to reduction in prices of
goods] because people use the cost of old price
in determining the kind of transaction done.”
He said a similar situation that occurred in
relation with the depreciation of the cedi
affected the Association’s operations,
saying, “it is the same thing that is happening
to the US dollars to the cedi where we had a lot
of depreciation that affected us …”
Government on Wednesday announced a 10
percent reduction in fuel prices after
incessant pressure from various political and
pressure groups but government’s decision to
reduce fuel prices by only 10 percent has
angered various groups.
Pressure Group Occupy Ghana has for
also asked the NPA to publish how it arrived at
a ten percent reduction on the petroleum
products.
The group is insisting the explanation by the
NPA is not enough.