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GOIL eyes West African market

  • SOURCE: Business and Financial Times | Editor
    • POSTED ON: July 12, 2022
    • CATEGORY:

    Ghana Oil Company Limited (GOIL), an indigenous and leading
    oil marketing company, has expressed interest in expanding its market share
    beyond the country’s shores to cover other West African countries.

    GOIL is looking at penetrating at least two West African
    countries in the next two years. The move is inspired by the company’s
    outstanding performance in the country’s petroleum downstream space, as well as
    its sound balance sheet.

    “We have a plan to move to other countries. Per the current
    status of Goil in the industry, we can compete everywhere and it is long
    overdue; by the next year or two, we’ll see Goil in other West African
    countries. We conceived the plan in 2019, but because of the COVID-19 outbreak
    it was put on hold – but the time has come for us enter other markets,” Kwame
    Osei-Prempeh, Group CEO and Managing Director of Goil has disclosed.

    He was speaking to journalists on the side-lines of the
    Upper Middle Belt Zonal Office of GOIL opening in Sunyani. The office will
    among others facilitate smooth and effective business of GOIL dealers in the
    Bono, Bono East, Ahafo, Western-North and part of Ashanti Regions. This is
    expected to help the company consolidate its dominance on the market. Hitherto,
    dealers in these areas had to travel to Kumasi to transact business with Goil.

    Fuel prices

    On the issue of rising fuel prices in the country, Mr.
    Osei-Prempeh said there is absolutely nothing that Oil Marketing Companies
    (OMCs), and for that matter GOIL, can do to reduce the price of fuel at the
    pumps.

    “For instance, our margins have come down so low that in
    April our budgeted margin of 38 pesewas was reduced to 9 pesewas per litre.
    Fuel buyers should rather be grateful to GOIL for its leading role in
    compassionate fuel pricing during the current situation. Where the world has
    reached, consumers must tighten their belts and bear with OMCs,” he said.

    Commenting on the deregulation policy, he stated
    categorically that any attempt to suspend the fuel pricing policy would be
    suicidal for the downstream petroleum industry, stressing that: “Government is
    too financially incapacitated to subsidised fuel now, and the country cannot
    revert to an era wherein we will be grappling with fuel shortages characterised
    by long winding queues at the pumps”.

    Commendation

    The Bono Regional Minister, Justina Owusu Banahene,
    commended GOIL for its contribution to development of the petroleum industry in
    the country, and urged the company devise more innovative measures to further
    raise the bar in oil marketing so as to position itself as a public company
    worth emulating.

    The Regional Minister entreated GOIL not to compromise on
    safety and risk compliance at its fuel stations in order to protect lives and
    property.

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