GOIL reduces fuel prices as May pricing window opens

The oil marketing company GOIL PLC has reduced pump prices for petrol and diesel at the start of the first pricing window of May, offering modest relief to consumers despite continued volatility in global oil markets and growing competition within Ghana’s downstream petroleum sector.

Effective May 1, GOIL is selling Super XP at GH¢13.25 per litre, representing a 2 pesewa reduction from GH¢13.27 recorded in the second pricing window of April. Diesel XP has seen a more significant cut, dropping by 44 pesewas to GH¢15.66 per litre from GH¢16.10. The company’s premium product, Super XP 95, remains unchanged at GH¢15.77 per litre.

In a statement issued by its Public Affairs Department, GOIL explained that the slight reductions were made despite ongoing geopolitical tensions affecting global oil supply chains. The company noted that aligning its prices with the benchmarks set by the National Petroleum Authority reflects responsible competition while supporting the country’s socio-economic recovery.

Industry analysts say the move signals an intensifying price competition among oil marketing companies, as firms compete for market share under Ghana’s deregulated pricing regime.

The National Petroleum Authority recently set new price floors for the May 1 to 15 window, with petrol at GH¢13.25 per litre and diesel at GH¢14.30 per litre, down from GH¢13.27 and GH¢16.10 respectively in the previous window. The adjustment reflects easing global oil prices, a relatively stable cedi, and ongoing government interventions.

Since April 16, government has absorbed part of the price build up to cushion consumers, covering approximately GH¢2.00 per litre on diesel and 36 pesewas on petrol.

Meanwhile, the Managing Director and Group Chief Executive Officer of GOIL, Edward Abambire Bawa, has reaffirmed the company’s role as a strategic national asset and a benchmark within the downstream petroleum industry.

He stated that GOIL operates not only as a profit-driven entity but also as a stabilising force within the national economy, particularly in the petroleum sector.

“As the foremost indigenous oil marketing company, we operate in the interest of the state,” he said, adding that the company’s management, supported by its Board and staff, has successfully stabilised operations and improved its financial standing.

Mr Bawa noted that the company is focused on strengthening its core values and maintaining competitiveness against multinational oil marketing firms, positioning GOIL as a leader in price stabilisation and service delivery.

He encouraged the public to continue supporting the GOIL brand, describing it as a symbol of national pride and economic contribution.

The Group CEO also commended staff, management and the Board for their resilience in overcoming recent challenges and called for continued support from both employees and the motoring public to sustain the company’s growth and impact.