We are not subsidised by government – Goil CEO

Ghana’s leading oil marketing company, Goil, has denied allegations that it was being funded by government to subsidise its petroleum products.

According to the group CEO, Patrick A. K. Akorli, government shares in Goil has declined from 51% to 30%, adding that the government is rather owing the company.

He also noted that the company is not making any losses by maintaining the price of its petroleum products compared to other Oil marketing companies (OMC).

In a press dialogue organised by the chamber of petroleum consumers (COPEC), Chief operating officer, Alex Andzew also explained that the increment by other oil marketing companies is due to the cedi depreciation and some international regulations.

He added that Goil observes the market for a while before pegging the price of its products.

Meanwhile, other OMC’s have justified the continuous increases in prices of petroleum products, attributing it to the cedi depreciation against the dollar as well as a drop in the production of crude by OPEC members.