GOIL has the right to determine its ex-pump price – CEO


GOIL Company Limited, the nation’s foremost indigenous oil marketing company, has the right as any Oil Marketing Company (OMC) to determine the price of its product under the deregulated marketing environment.

Mr Kwame Osei-Prempeh, GOIL Group Chief Executive Officer, explained that the company was a responsible company fully aware of the deregulated environment in which OMCs in the country operates.

“The government, Social Security and National Insurance Trust (SSNIT) and Bulk Oil Storage and Transportation (BOST) have a total of 78 per cent shares in GOIL, all these entities are largely owned by Ghanaians.

“GOIL’s pricing policy takes into consideration the welfare of the ordinary Ghanaian,” Mr Oesi-Prempeh stated in a statement copied to the Ghana News Agency to refute claims of government inference in the petroleum downstream market.

Mr Osei-Prempeh, therefore, rejected the claim that the company was directed by the government to reduce fuel prices at the ex-pump.

“GOIL reminded the Association that it is a listed company with a constituted Board of Directors and Management and takes decisions based on prudent commercial principles.

“GOIL is also guided by the fact that the company is owned by Ghanaians and that has always influenced its pricing policy,” he said.

It would be recalled that before the GHC0.15 per litre reduction, GOIL had in the previous window, reduced its price from GHC6.99 to GHC6.85 per litre of fuel for both Super XP (petrol) and diesel, thereby losing GHC0.14 per litre. The motive was to cushion Ghanaians in the difficult post COVID period.

Mr Osei Prempeh said GOIL decided to sacrifice part of its margin to benefit its cherished customers and Ghanaians because of the agitations by transport operators in the country.

“GOIL is a responsible company fully aware of the deregulated environment in which we operate. The allegation that the government is interfering in the industry is unfounded. GOIL has the right as any other OMC to determine prices,” he said.

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