The Trade Advocacy Group Ghana (TAGG) is lamenting the frequent hikes in fuel prices.
The Group says the development is skyrocketing their cost of doing business and stifling their growth.
Fuel prices started the year at a little over GH¢ 4 per litre but currently, sell at GH¢ 6.50 per litre.
President of TAGG, Kwadwo Amoateng, called on the government to act swiftly to save the situation.
“Most of our traders get their products from Accra and they will be transporting them, so it affects everyone. The cost of products will go up. The issue is that, when it does happen like that, then the citizens, instead of them putting their anger on the government, try to put it on the drivers and that shop owners that they go to buy from.”
“But, they forget to look at the factors. So I will entreat this government, especially the honourable Energy Minister to do something about it.”
Already, the Chamber of Petroleum Consumers (COPEC) is projecting the price might hit GH¢ 7 a litre by the close of the year.
Global oil prices and the introduction of some new taxes earlier in the year are key factors to the increase of prices at the pump.
Oil prices started the year at about 40 dollars a barrel, but currently, a barrel goes for over 80 dollars.
It has been projected to hit 90 dollars per barrel by the end of the year, a development that would mean a further increase in prices at the pump
On the other hand, the government as part of its revenue mobilization drive earlier in the year introduced some levies and taxes in the 2021 budget, a move many criticized.
The taxes are the COVID-19 Health Recovery Levy Act, 2021 (Act 1068), Financial Sector Recovery Levy Act, 2021 (Act 1067) and the Energy Sector Levy (Amendment) Act, 2021 (Act 1064).