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GOIL withdraws from Association of OMCs over accusations of government interference in fuel price review

The GOIL Company Limited (GOIL) has with immediate effect withdrawn its membership from the Association of Oil Marketing Companies (AOMCs).

GOIL’s decision followed accusations by the AOMCs that its recent reduction in fuel prices was influenced by the Government of Ghana, a major shareholder in the company.

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The AOMC had written to the Energy Minister, Dr Matthew Opoku Prempeh, asking the government to stay away from the price deregulation as being implemented by Oil Marketing Companies.

In a strongly-worded statement to the AOMCs, GOIL said, “the Association [AOMCs] has shown gross disrespect to the company and treated it with contempt and public ridicule and has therefore decided to suspend its membership of the Association immediately.”

GOIL withdraws from Association of OMCs over accusations of government interference in fuel price review
GOIL withdraws from Association of OMCs over accusations of government interference in fuel price review

The statement signed by the CEO and Managing Director of GOIL Company Ltd., Kwame Osei Prempeh denied that the government directed it to reduce its fuel prices as alleged by the AOMCs.

The statement also noted that “GOIL is a listed company with a constituted Board of Directors and Management and takes decisions based on prudent commercial principles”, adding that GOIL is guided by the fact that the company is owned by Ghanaians and that has always influenced our pricing policy.

Following a sitdown strike by some driver unions, the government held a meeting with the transport operators to deal with the impasse.

In an interview on JoyNews’ PM Express Monday, GPRTU spokesperson, Abass Imoro after the meeting with the government revealed that GOIL was to review its fuel prices downwards as an interim measure to cushion the transport operators and the motoring public.

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Aside from this interim measure, Mr Imoro also stated that the government promised to remove some petroleum taxes in the 2022 mid-year budget.

Soon after, GOIL reviewed prices at the pump downward by 15 pesewas.

But GOIL said its pricing policy takes into consideration the welfare of the ordinary Ghanaians and cushion them in the difficult post-COVID period.

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