Ghana Oil Company Limited (GOIL), an indigenous and leading oil marketing company, has expressed interest in expanding its market share beyond the country’s shores to cover other West African countries.
GOIL is looking at penetrating at least two West African countries in the next two years. The move is inspired by the company’s outstanding performance in the country’s petroleum downstream space, as well as its sound balance sheet.
“We have a plan to move to other countries. Per the current status of Goil in the industry, we can compete everywhere and it is long overdue; by the next year or two, we’ll see Goil in other West African countries. We conceived the plan in 2019, but because of the COVID-19 outbreak it was put on hold – but the time has come for us enter other markets,” Kwame Osei-Prempeh, Group CEO and Managing Director of Goil has disclosed.
He was speaking to journalists on the side-lines of the Upper Middle Belt Zonal Office of GOIL opening in Sunyani. The office will among others facilitate smooth and effective business of GOIL dealers in the Bono, Bono East, Ahafo, Western-North and part of Ashanti Regions. This is expected to help the company consolidate its dominance on the market. Hitherto, dealers in these areas had to travel to Kumasi to transact business with Goil.
On the issue of rising fuel prices in the country, Mr. Osei-Prempeh said there is absolutely nothing that Oil Marketing Companies (OMCs), and for that matter GOIL, can do to reduce the price of fuel at the pumps.
“For instance, our margins have come down so low that in April our budgeted margin of 38 pesewas was reduced to 9 pesewas per litre. Fuel buyers should rather be grateful to GOIL for its leading role in compassionate fuel pricing during the current situation. Where the world has reached, consumers must tighten their belts and bear with OMCs,” he said.
Commenting on the deregulation policy, he stated categorically that any attempt to suspend the fuel pricing policy would be suicidal for the downstream petroleum industry, stressing that: “Government is too financially incapacitated to subsidised fuel now, and the country cannot revert to an era wherein we will be grappling with fuel shortages characterised by long winding queues at the pumps”.
The Bono Regional Minister, Justina Owusu Banahene, commended GOIL for its contribution to development of the petroleum industry in the country, and urged the company devise more innovative measures to further raise the bar in oil marketing so as to position itself as a public company worth emulating.
The Regional Minister entreated GOIL not to compromise on safety and risk compliance at its fuel stations in order to protect lives and property.