GOIL cuts Diesel price by 4% due to ‘Gold for Oil’ barter programme
GOIL, a leading oil marketing company in the country, has announced a 4% reduction in diesel prices, now selling at ¢15.25 per liter. Despite this change, petrol prices have remained unchanged.
The company attributes this reduction to the positive impact of the “Gold for Oil” barter program, in which GOIL participated as an oil marketer. Some analysts believe this move by GOIL may encourage other players to adjust their prices in the near future.
With the stability of the cedi over the past two weeks and a recent delivery of oil under the “Gold for Oil” program, industry observers are hopeful that prices may continue to drop.
Bulk Oil Storage and Transportation Company (BOST) made the initial delivery of petroleum products under the program on January 19, 2023, with GOIL and other Bulk Oil Distribution Companies taking delivery for the market.
The first consignment of oil under the policy was estimated to only be 20% of Ghana’s market needs, but with more products expected to come in under the program, the Bank of Ghana’s Head of Financial Markets, Stephen Opata, stated that prices are already better than current ex-pump prices.
The government took delivery of the first consignment of 41,000 metric tons of oil from the UAE on January 16, 2023, and it was later discharged to BOST.
