GOIL withdraws membership from Association of Oil Marketing Companies

Ghana’s leading indigenous oil marketing company, GOIL Company Ltd has rejected the claim by the association of Oil Marketing Companies (AOMC) that it has been directed by the government to reduce fuel prices at the pump.

GOIL reminded the Association that it is a listed company with a constituted board of directors and management and takes decisions based on prudent commercial principles.

Aside from this, GOIL said it is guided by the fact that the company is owned by Ghanaians and that has always influenced their pricing policy.

It would be recalled that on November 23, 2021, GOIL reduced its pump prices by 14 pesewas from GHS6.99 per litre to GHS 6.85 per litre for both Super XP (petrol) and diesel.

Energynewsafrica.com’s had information last week that the company planned to cushion Ghanaians further and was considering announcing reduction in fuel prices on Tuesday, December 7, 2021.

However, on Monday, some radio stations reported that the government had directed GOIL to reduce fuel prices.

This claim sparked controversy among Oil Marketing Companies.

In a statement signed by Group CEO and Managing Director of GOIL Company Ltd, Kwame Osei Prempeh, the company said it decided to sacrifice part of its margin to benefit its cherished customers and Ghanaians because of the agitations by transport operators in the country.

GOIL said it is surprising that the AOMC found its voice and the audacity to make such a claim and challenge them to substantiate it.

The company said the action by the AOMC amounts to gross disrespect and contempt, therefore, has decided to suspend its membership.

“GOIL is a responsible company fully aware of the deregulated environment in which we operate. The allegation that government is interfering in the industry is unfounded and baseless. GOIL has the right as any other OMC to determine prices, the statement said.