GOIL cuts ex-pump prices as rivalry among OMCs deepens

GOIL has cut down ex-pump prices of petrol and diesel as fierce competition among oil marketing companies (OMCs) deepen; triggered by introduction of fuel prices chart that updates consumers.

The latest ranking of 11 OMCs released on Wednesday, showed AI Oil continued to rule the market with the lowest ex-pump prices, quoting a litre of petrol at GH¢ 3.2700 whilst diesel went for GH¢ 3.2300 per litre.

On price averages, FRIMPS placed second, selling a litre of petrol at GH¢ 3.2780 whilst a litre of diesel went for GH¢ 3.2950 with GOIL reducing its price and moving up the chart to occupy the third position.

A litre of petrol was being sold for GH¢ 3.4700 and the same quantity of diesel was fixed at GH¢ 3.2900 by GOIL.

Oil conglomerates – SHELL and TOTAL - were quoting the highest ex-pump prices in the local market.

While SHELL was selling a litre of petrol at GH¢ 3.6100 and diesel at GH¢ 3.3180, TOTAL was charging at litre of petrol at GH¢ 3.6290 and diesel was pegged at GH¢ 3.3180.

The fuel price chart available to the Ghana News Agency captured the OMCs and their respective price quotations as follows:

Petrol Diesel

AI 3.2700 3.2300

FRIMPS 3.2780 3.2950

GOIL 3.4700 3.2900

ALLIED 3.4500 3.3100

PACIFIC 3.4600 3.2900

NASONA 3.4600 3.3200

BENAB 3.4690 3.3280

EXCEL 3.4690 3.3290

READY 3.5800 3.2990

SHELL 3.6100 3.3180

TOTAL 3.6290 3.3180

Ghana's petroleum sector has seen keen competition after the government opened the oil industry.

This followed the passage of an oil price liberalisation law in 2005 enabling industry players, bulk distribution and marketing companies to come on board in the importation and sale of petroleum products.

The policy obligates both importers and dealers to fix their prices in accordance with demand and supply forces.

Energy Ghana, a subsidiary of Energy Media Group, unveiled the fuel app in the beginning of 2016, which allows consumers to compare fuel prices charged by different supplies.

The Gh Fuel Prices app, ranks oil firms according to their pricing structures and updates users on the cost of diesel and petrol on a regular basis.

"The app gives fuel consumers a good deal at the most economic prices and enabled them have value for their money while encouraging tough competition," an industry player said.

"It provides oil and gas pricing information to consumers by offering comprehensive information to oil users to make informed choices and boost a fair price war in the Ghanaian oil market.”