GOIL sets Sept. 16 deadline for decision on fuel prices

GOIL is reviewing the implications of crude oil prices reaching $100 per barrel and plans to decide on fuel price adjustments by September 16. CEO Edward Bawa stated that the company will reveal its decision within that timeframe as it explores various scenarios and strategies to shield customers from the consequences of rising global oil prices.

Bawa emphasized that a rise in crude prices does not necessarily result in higher fuel prices at GOIL stations. He assured Ghanaians that the company aims to support them while covering its costs and alleviating the impact of price increases.

During an interview on Joy News' PM Express Business Edition, Bawa stated that GOIL must balance cost coverage and consumer well-being. The company has not yet determined the exact figures for potential fuel price changes. Bawa clarified that higher global oil prices do not automatically lead to increased fuel prices at GOIL stations. The final decision will depend on the strategies employed by the company.

GOIL's decision comes under pressure from commercial transport operators, with the Ghana Private Road Transport Union calling for a 30% increase in transport fares. Bawa argued that fuel is not the sole factor to consider when determining lorry fares, citing exchange rates, spare parts, insurance, and other costs as additional considerations. He emphasized the importance of the cedi's relative stability in the assessment process.

Bawa acknowledged the global oil market's pressure and the constant monitoring of developments by oil marketing companies, including GOIL. He expressed concern that excessive pressure on customers should be avoided by all OMCs, as their primary goal is to ensure fair and affordable fuel prices for their consumers.