GOIL could hold fuel prices despite $100 crude oil shock – Edward Bawa
GOIL says it is exploring ways to prevent a surge in fuel prices at the pumps despite crude oil hitting $100 per barrel.
Ghana's leading fuel distributor, GOIL, is considering measures to prevent a rise in fuel prices for consumers despite crude oil costs reaching $100 per barrel. Group CEO and Managing Director Edward Bawa stated that higher global crude prices do not automatically translate to increased fuel costs for motorists in Ghana. GOIL is currently evaluating various scenarios before determining its next pricing move, aiming to balance covering its costs with alleviating the impact of price increases on consumers.
Bawa emphasized that GOIL's pricing decision will depend on the figures and the company's strategy to manage the current market conditions. The commercial transport sector is also grappling with rising operating costs, with the Ghana Private Road Transport Union calling for a 30% increase in transport fares. However, Bawa clarified that fuel is not the sole factor in determining transport fares, with other parameters including exchange rates for spare parts, insurance, and the relative stability of the cedi.
GOIL is committed to supporting commercial drivers and their unions, ensuring that any price adjustments do not place undue pressure on drivers.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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