The Ghana Road Transport Co-ordinating Council (GRTCC) has asked road transport operators to revert to previous approved road transport fares. A statement issued in Accra and signed by Nana Sanso Atekoasa Agyemang, acting chairman of the council, said the basis for the reviewing and implementation of the May 3 road transport fares no longer exists due to the reduction in the price of diesel from GH¢1.40 to GH¢1.20 per litre. "All road transport operators, commuters and the general public are therefore directed by the GRTCC to revert to the March 20, 2008 approved road transport fares," it said. The statement appealed to all road transport operators, commuters and the general public to cooperate for the success of the exercise. On May 2, a press release from the GRTCC ushered in new transport fares following increase in the prices of petroleum products but complaints by the general public about the prices and their effect on food led the President to intervene. In a far reaching measure to stem the escalating cost of living in the face of the global price hikes on Thursday, President Kufuor announced the removal of excise duty on premix fuel while excise duty and debt recovery levies on gas oil, kerosene and marine gas oil were reduced. Additionally, import duties on rice, wheat, yellow corn, vegetable oil were also removed and the price of fertiliser subsidised. The President said government has also decided to increase its support for the production of electricity to bring relief to the consumers. Enquiries at the National Petroleum Authority revealed that the Bill received presidential assent on Friday, shortly after it was approved by Parliament. Finance and Economic Planning Minister, Kwadwo Baah Wiredu, told the Times that the reduction and removal of the levies meant substantial loss of revenue to the state and stressed the need to improve on efficiency. Source: The Ghanaian Times