Petroleum deregulated regime will generate price differentiation - GOIL

Accra, Jan. 28, GNA - The Ghana Oil Company Limited (GOIL) on Friday discredited the perception that a fully deregulated petroleum sector will lead to price hikes and manipulation by the oil marketing companies.

"A deregulated regime on the contrary will generate competition among operators especially on attracting and retaining customers, a development which will draw out price differentiation at the filling stations," Mr Yaw Agyemang-Duah, Managing Director of GOIL told the Ghana News Agency in an interview in Accra.

He said the customer stands to benefit greatly in a price differentiation environment, prices of petroleum product will differ from company to company, and in addition some companies may introduce filling station to filling station price differentiation based on location.

Mr Agyemang-Duah explained that in anticipation of a full deregulation, GOIL had set out modalities to revamp and re-brand its operations to maintain its leadership in the petroleum industry.

"As an entity we have embarked on large-scale modernization of our filling stations - the customer interface point aimed at providing a modern filling station in every region to serve the communities.

"Unlike other operators, GOIL believes that by supporting economic activities at the local level, wealth creation in the government's Better Ghana agenda would become a reality.

"We have also introduced periodic professional training schemes for our staffs to ensure that GOIL operates with a high quality, motivated workforce working as a team in an environment which recognizes and rewards performance, innovation and creativity, and provides for personal growth and development," he noted.

Mr. Agyemang-Duah said GOIL will continue to maintain highly ethical, safe, environmentally friendly and socially responsible business practices focusing on the newest technologies in the industry.

"We are charged to continue to market quality petroleum and other energy products and services in all branches in an ethical, healthy, safe, environmentally friendly and socially responsible manner," he said.

The Company's geographical spread places it ahead of other competitors in terms of the distribution of petroleum products and its network enables products to reach virtually all parts of the country, he added.

He said as part of GOIL's social responsibility and consciousness, the company contributes in diverse ways to various organizations towards the development of sports, health, education and many others.