Business News Wed, 17 Jun 2015

GOIL maintains prices of petroleum products

State owned oil marketing company GOIL stayed away from increasing the prices of its petroleum products as full deregulation of the downstream petroleum sector took effect June 16, 2015.

A number of Oil Marketing Companies (OMCs) increased the prices of their products yesterday after the National Petroleum Authority announced the deregulation.

The NPA made known its intentions to no longer be involved in the pricing of petroleum products some weeks ago. The Authority explained that the move forms part of the full deregulation of the petroleum downstream sector.

A statement issued by the National Petroleum Authority said Oil Marketing Companies will start announcing their ex-pump prices for petroleum products and display these prices at their retail outlets from June 16th, 2015.

A visit to some pump stations by Citi Business News showed that most of the OMCs had increased the prices of diesel and petrol by 14 pesweas. The Total pump station in Adabraka for example was selling Petrol at 4 cedis 47 pesewas, increasing by 14 pesewas per litre.


Diesel was also being sold at 3 cedis 37 pesewas per litre , this price has also increased by 14 pesewas. According to the Manager and Fuel attendants at the station, the new prices were sanctioned by the Total head office.

Another pump station in Adabraka also showed that the price of Petrol and diesel have been increased by 14 pesewas. Petrol was being sold at 3cedis 47 pesewas while diesel was also being sold at 3 cedis 37 pesewas.

GOIL however said it had no plans to increase the prices of its petroleum products across the country following the takeoff of full deregulation of the downstream petroleum sector.

A press statement from GOIL said ‘ Goil is happy to announce to all its cherished customers that the price of all petroleum products at its stations remain the same across the country’.

GOIL with over 200 service stations across the country said the prices of diesel which was prior to the deregulation going for GHC 3.24 per litre and petrol GHC 3.33per litre will remain the same and will not be changed for now.

Source: Citifmonline.com