The Ghana Oil Company Limited (GOIL) the nation’s foremost indigenous Oil Marketing Company GOIL, has reduced its ex-pump prices of petroleum products in the second window of the month of March.
A statement released in Accra said GOIL which prides itself as the Chartered Institute of Marketing Ghana’s (CIMG) Petroleum Company of the year, continue to offer lower fuel prices in the interest of Ghanaians despite the challenging market conditions and stiff competition.
The statement said in accordance to GOIL’s tradition of maintaining lower prices since the deregulation of petroleum products, it has reduced Super XP by GH¢0.06 per litre.
According to a statement signed by Mr Robert Kyere, GOIL Public Relations Manager and copied to the Ghana News Agency in Accra, said Diesel XP has also been reduced by GH¢0.04 per litre.
The statement said the reduction was to reflect on the downward trend of petroleum prices on the international market and importantly, to keep faith with the consuming public.
GOIL, the statement added, was entreating the consuming public, especially transport partners, to take advantage and patronize GOIL products at all service stations nation-wide.
GOIL assures consumers it will continue to be a benchmark for competitive fuel prices in the industry.
The statement said GOIL continue to remain on course in the retail business through competitive pricing, offering quality additivated products, value for fuel purchased and maintenance of a high level of visibility by the strategic spread of its filling stations.
GOIL since the inception of the deregulation regime on June 16, 2015 continue to set a petroleum deregulation benchmark of constantly quoting the lowest price.
The National Petroleum Authority (NPA) on June 16, 2015 issued a statement which was signed by then Chief Executive Officer, Mr Moses Asaga, announcing the first process towards the implementation of the petroleum product price deregulation.
According to NPA, the implementation of the first stage of price deregulation would continue into subsequent pricing windows while the Authority reviews the existing legal framework of petroleum products, pricing towards a smooth implementation of the full steps of petroleum products price deregulation in Ghana.
The OMCs are also under obligations to display their ex-pump prices at their retail outlets, to allow the NPA monitor “the application of the Prescribed Petroleum Pricing Formula, to ensure that all petroleum service providers apply the formula in the right way defaulters would be duly sanctioned”.
The NPA has subsequently directed OMC and LPG Marketing Companies (LPGMCs) to submit their indicative ex-pump prices to NPA two days before every pricing window.
The indicative ex-pump prices submitted by an OMC or LPGMC would represent its maximum indicative price for the two-week period – first to 15 and 16 to the end of the month.
In a directive to the OMCs, Bulk Oil Distributing Companies and other industrial stakeholders signed by Mr Jacob Amuah, NPA Technical Director for the Chief Executive and copied to the Ghana News Agency in Accra said.
The directive tagged: “Interim Guidelines for Petroleum Service Providers under-price deregulation,” tasked service providers to adhere strictly to the guidelines to ensure effective transition and smooth implementation of the price liberalisation regime.
The NPA directives also warned Petroleum Service Providers that they cannot price its ex-refinery or ex-pump price higher than the maximum indicative price set for a specific pricing window.
“However, it can revise its ex-pump prices downward within the pricing window if the Petroleum Service Provider chooses,” the statement stated.