GOIL continues to serve as a downstream petroleum benchmark

GOIL PLC, the nation’s largest and foremost indigenous Oil Marketing Company continuous to serve as a downstream petroleum benchmark in spite of the global market developments, particularly tensions in the Middle East.

GOIL, in its pursuit to reduce the burden on Ghanaians, especially the motoring public, while considering the upward pressure on international fuel prices, has marginally adjusted pump prices upward for the current pricing window of March 16th.

At GOIL filling stations, Super XP is Ghc 12.28, Diesel XP is Ghc 14.98, and Super XP 95 is Ghc 14.35. A price adjustment which has generated a wide shake-up among other OMCs adjusting their prices around the GOIL price.

GOIL PLC's public affairs statement obtained by Modern Ghana News indicates that in line with a directive from the National Petroleum Authority (NPA) requiring OMC to suspend differential pricing, all stations will retail fuel at the stated uniform prices nationwide.

“Despite these market conditions, GOIL continues to offer the lowest pump prices while maintaining the highest standards of quality and reliability,” the statement stated.

Analysts in the energy sector touted GOIL PLC as it continues to demonstrate resilience and growth.

Dr William Mensah-Ansah, a Tema-Based Industrialists noted in an interview with Modern Ghana News on the downstream petroleum price volatility that the nation needs GOIL to stabilise the system.

He explained that GOIL PLC must control the desire and ambition of some OMCs to take advantage of the deregulation policy to cheat consumers. “With GOIL's competitive pricing, it’s difficult for others to undercut the consumer.”

Dr Mensah-Ansah noted the company's financial performance, driven by revenue growth and cost containment, reflects its commitment to quality and customer service.

He stressed that “GOIL's ability to adapt to market conditions and its focus on long-term growth potential make it a significant player in Ghana's energy sector.”

Meanwhile, Mr Edward Abambire Bawa, the Managing Director and Group Chief Executive Officer of GOIL PLC, has reiterated that GOIL is not just a player in the downstream sector but a national security and economic asset that serves as a benchmark for the downstream petroleum operations, which must be protected.

Mr Bawa explained that GOIL operates as both a profit-making viable company and a national economy stabiliser, especially in the downstream petroleum sector, to ensure that the nation is not hijacked.

“As the foremost indigenous oil marketing company, we operate in the interest of the state,” Mr Bawa stated.

He explained that the rejuvenated GOIL management team, backed by a proactive Board of Directors and enthusiastic staff, “has turned the corner from the difficult state we inherited... We are out of the woods... GOIL finances and operations have been stabilised.”

Mr Bawa maintained that “for GOIL to remain on track and be competitive as a giant indigenous oil marketing company against multinational OMCs, the new rejuvenated team is focusing on the core values, vision, and culture that define who we are; this is what is propelling GOIL as the standard bearer in the downstream petroleum sector." We have started taking great strides again.”

He urged the public to continue with the GOIL brand, which also stands “for projecting Ghana, believing in Ghana, and contributing to Ghana... to ensure that GOIL continues to serve as a leading OMC, providing leadership and serving as a benchmark for price stabilisation in the country."

The GOIL Group CEO commended the workers, management, and the board of directors, who had remained unshaken in the face of the various insurmountable obstacles in the recent past.

Mr Bawa called for unflinching support from staff and the motoring public, stressing that “GOIL is a national brand and pride...our patronage of its products is part of the national economic development; we must remain loyal and committed to the GOIL Good Energy products.”