Mr Kwamena Bartels, Board Chairman of GOIL Company Limited has revealed that the introduction of a higher grade gasoline product, SUPER XP (RON 95) at all service stations nationwide was a game-changing development.
“Consumers’ need not pay for RON95 product at a price higher than that of the normal RON 91 grade fuel sold on the Ghanaian market, thus giving the consumers more value for their money.
“The new higher grade SUPER XP (RON 95) significantly boosts the performance of engines, keeping them clean of carbon deposits. Consumers also experience less vibration, less noise, and better fuel economy,” Mr Bartels stated at the 52nd Annual General Meeting of GOIL to receive and consider the reports of Directors, Auditors, and Financial Statements for the year ended December 31, 2020.
The Virtual AGM, was in compliance with the current restrictions on public gatherings in force pursuant to the imposition of Restrictions Act, 2020 (Act 1012) and consequent Regulatory Directives, attendance and participation by all members and/or their proxies in this year’s GOIL AGM shall be strictly virtual-online participation.
The GOIL Board Chairman noted that COVID-19 pandemic significantly reduced demand for fuel during the second quarter of the year, which in turn led to a fall of approximately 3.2 per cent in volume of sales during the year compared to the previous year.
“As expected, the impact of the COVID-19 resulted in a decline in revenue. The reason for the fall was low volume of sales and increased operating expenses.
The increase in operating expenses was significant compared to that of last year and it stems from measures that were taken to reduce the effect of the pandemic.
He said despite the falling demand, the Company was able to handle both operational and financial activities bringing into balance credit from suppliers, cash flow, and stock movements.
“We continued to expand our business by gaining the custom of two mining companies. For the first time in the history of GOIL, the Company managed to break the monopoly enjoyed by our competitors in the mining sector,” Mr Bartels noted.
Mr Kwame Osei-Prempeh, GOIL Group CEO noted that as part of efforts to reduce the use of physical cash in the purchase of goods and services at GOIL service stations and also appeal to the wider market, GOIL integrated its electronic card payment platform with that of a national payment platform by name Ghlink.
“This means that any gh-link electronic cardholder can use the card to buy fuel at all of our 400 service stations throughout the country. As we are all aware, the success of our business is rooted in knowing what the customer wants.
“In this regard, our digital footprints continue to enhance the image of the Company as well as improve customer relationships. GOIL has a well-trained team that engages customers on various social media platforms,” Mr Osei-Prempeh stated.
He said “We work for the customers and therefore their suggestions and complaints become an important source of knowledge in improving services provided at our retail stations”.
Mr Osei-Prempeh who is also GOIL Managing Director noted that the Company recognized that the face of GOIL was represented by activities that take place at the forecourt.
“The Company, therefore, intensified its efforts in making sure standards were raised. Non-compliance was identified and corrected. To make this effort sustainable, training programmes at the stations are scheduled every quarter in connection with station auditing.
“In our commitment to help build a resilient national economy with a free flow of goods and services, GOIL diversified its product-range by embarking on the construction of a Bitumen plant in Tema.
“Its completion and operation will ensure the supply of higher grade Polymer Modified Bitumen (PMB) for the expansion of the nation’s road network. The US$35 million project is scheduled to be completed by September 2021,” GOIL MD stated.