GOIL sets Sept. 16 deadline for decision on fuel prices

GOIL, the leading oil marketer in Ghana, has set a deadline of September 16 to decide whether to adjust fuel prices at its pumps amid rising global crude prices. CEO Edward Bawa announced that the company will release its stance on fuel price adjustments by the end of the month after analyzing various scenarios and strategies to shield customers from the impact of fluctuating oil prices.

Bawa emphasized that a rise in crude oil prices does not necessarily translate into higher prices at GOIL service stations. He reassured Ghanaians that the company remains committed to supporting them while ensuring profitability. The CEO stated that GOIL will look into the precise figures but acknowledged that higher global oil prices do not automatically result in increased fuel costs at pumps.

Bawa highlighted that the company's decision will consider multiple factors, including covering operational costs and mitigating the effects of price hikes on consumers. He also mentioned that GOIL aims to alleviate the impact of surging global oil prices on customers. The fuel price decision comes under scrutiny from commercial transport operators, with the Ghana Private Road Transport Union advocating for a 30% increase in transport fares.

Bawa clarified that fuel is not the sole determinant of lorry fares, and other factors such as exchange rates, spare parts, insurance, and the relative stability of the cedi must be taken into account. He stressed the importance of ensuring fair fuel prices and avoiding excessive pressure on consumers.