At an emergency meeting in Takoradi, the Council said workers were finding it difficult to cope with the high cost of living resulting from the withdrawal of the subsidy.
It asked the government to make its response to the call known within 7 days.
The Council said workers would wear red bands for three days if a positive answer was not received from government, to be followed by a demonstrations and a strike action.
Addressing the meeting, Dr. Anthony Yaw Baah, Deputy Secretary General of the Ghana Trades Union Congress (TUC), said workers could not make ends meet with their present salaries because of the increases in the prices of petroleum products.
He said the only solution to the problem is salary increases to enable workers to cope with the recent petroleum price increases.
Dr. Baah asked the government to let the people know what had become of the Stabilization Fund, which was meant to be used to subsidize petroleum.
He said revamping public transport with a fleet of buses announced by the government would benefit only a section of the population.
Dr. Baah said many people would, however, benefit from the restoration of the subsidy on petroleum.