GOIL is studying the impact of crude oil prices hitting $100 a barrel before deciding whether to adjust fuel prices at its pumps.
The report indicates that gOIL is studying the impact of crude oil prices hitting $100 a barrel before deciding whether to adjust fuel prices at its pumps.
It further notes that chief Executive Officer Edward Bawa says the company will announce its position by September 16 as it weighs different scenarios and strategies to protect customers from the impact of rising global oil prices.
Mr Bawa stated that higher crude prices do not automatically translate into higher prices at GOIL pumps.
“We will get there. We’re still looking, or we’re still studying the various scenarios, still looking at what we should do, but what I can assure Ghanaians is that we will always want to be on their side,” he said.
Speaking on Joy News’ PM Express Business Edition on Thursday, he stated GOIL must cover its costs while also considering the impact of price increases on consumers.
“That in as much as we need to at least cover our costs, we need to ensure that our actions also go to ameliorate, what do you call it, the effects of increases of prices for them,” he said.
Mr Bawa stated the company has not yet determined what the figures will look like.
“I can tell you that we will look at the figures. We do not know what the figures will look like. Prices going up does not necessarily mean that at the pumps it will go up. It again depends on what strategy you are using,” he said.
He stated GOIL would seek to limit the impact of the global price surge on consumers.
“So GOIL will definitely find a way of trying to tame the market, and in doing that, by the 16th of September, you will know,” he said.
The potential fuel price decision comes amid pressure from commercial transport operators, with the Ghana Private Road Transport Union pushing for a 30% increase in transport fares.
Mr Bawa stated fuel is not the only factor that should determine lorry fares.
He cited exchange rates, spare parts, insurance and other costs as factors that must also be considered.
He stated the relative stability of the cedi should also form part of the assessment.
