GOIL could hold fuel prices despite $100 crude oil shock – Edward Bawa

GOIL, the leading oil marketing company in Ghana, is exploring methods to prevent a spike in fuel prices at the pumps despite crude oil prices reaching $100 per barrel. CEO Edward Bawa stated that higher global crude prices do not necessarily translate to higher prices for motorists in Ghana, as the company is still examining various scenarios before deciding on its next pricing move.

Bawa assured Ghanaians that GOIL aims to be on their side and considers both covering costs and the impact on consumers when deciding on fuel prices. The company's pricing decision will depend on the figures and the strategy chosen to manage the current market conditions. Transport operators are under pressure to adjust fares due to rising operating costs, with the Ghana Private Road Transport Union (GPRTU) already pushing for a 30% increase.

However, Bawa clarified that fuel is not the only factor considered when determining transport fares, as other parameters such as the exchange rate for spare parts, insurance, and the stability of the cedi are also taken into account. GOIL aims to avoid adding unnecessary pressure to commercial drivers and their unions while ensuring customers are not overly burdened by global price shocks.