GOIL still subsidises fuel despite marginal increment

Ghana Oil Company Limited (GOIL), the only indigenous downstream oil marketing company in the country still maintained marginal subsidy on petroleum product despite another 15 per cent increment by all Oil Marketing Companies.

Prices of petrol at GOIL’s 200 filling stations across the country have been marginally increased from Gh¢ 3.33 per litre to Gh¢3.79, and diesel from Gh¢ 3.24 per litre to Gh¢ 3.57.

GOIL absorbed a four per cent increment announced on June 16 by the National Petroleum Authority.

A Ghana News Agency survey on Thursday revealed that a number of Oil Marketing Companies (OMCs) have increased the prices of petroleum products at filling stations from Gh¢ 3.47 per litre for petrol to Gh¢3.97.

Diesel has been increased from Gh¢ 3.37 per litre to Gh¢3.73.

The survey revealed that Total Petroleum, Agapet Oil Company Limited; Allied Oil Company Limited; and Crown Petroleum Ghana Limited, Engen Petroleum, and AP, are all quoting Gh¢3.97 per litre for petrol and Gh¢ 3.73 for diesel.

Others who are quoting the same prices are: Sky Petroleum Company Limited; Star Oil Company Limited; Glory Oil Company Limited; Glee Oil Company Limited; Universal Oil Company Limited; Union Oil Company Limited; Grace Petroleum Oil Marketing Company.

De-regulation of petroleum products took effect from June 16, according to the NPA.

In a statement issued by the Chief Executive Officer of the Authority, Mr Moses Asaga, the development constitutes the first process towards the implementation of the petroleum product price deregulation.

“The implementation of this first stage of price deregulation will 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 statement said.

The OMCs have displayed 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, and defaulters will be duly sanctioned.”