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Managing Director of Ghana Oil (GOIL) Company, Mr Kwame Osei-Prempeh has assured the general public that GOIL will in subsequent months reduce fuel price drastically if the Cedi continues to stay strong and the world price of crude oil remains low.

According to him, the reduction in the fuel price Ghanaians are enjoying from GOIL could have been more except that GOIL has maintained its pricing of the fuel for a long time when the world price for crude oil remained high and the Cedi also suffered depreciation.

The Ghana Oil Company Limited (GOIL) has reduced the cost of its fuel products. The reduction which took effect on February 22, 2020, is now selling its new SuperXP RON 95 at ¢5.40 per litre while diesel is being sold at ¢5.41 per litre.

Commenting on Okay FM’s 'Ade Akye Abia' Morning Show, the former Deputy Attorney-General said that in spite of the hike in the world price of the crude oil and the depreciation of the Cedi, the government and the National Petroleum Authority (NPA) introduced a stabilization levy to maintain the old price.

“For about three months, the world fuel price has been increasing and the strength of the Cedi has been dropping and even Trump and Iran rift shot the price of fuel on the world market up and all those times, the price of fuel in the country should have been increased more than it did but GOIL took hold of the price . . . government, NPA introduced a stabilization levy and the government suspended the increment. Now, the Cedi is strong and the world price of fuel has reduced and so we should begin to reduce the fuel price in the country,” he said.

The former Member of Parliament for Nsuta-Kwamang-Beposo in the Ashanti Region said that GOIL incurred a lot of debts, making it impossible for them to reduce the fuel price drastically when the world price of crude oil reduced and the Cedi gained some weight.

“. . we are hopeful that if the Cedi and the world price continue to be stable in the subsequent months, Ghanaians will see a drastic reduction in fuel prices,” he assured.

The Managing Director of GOIL again mentioned that the reduction of the fuel price has gone viral due to the fact that the kind of petrol being sold at GOIL filling stations, SuperXP RON 95, is the best in the world; thus, to him, many filling stations would have increased the price more than GOIL has done.

“Reducing the price of fuel in the country is not something strange with GOIL but what made this news went viral is that GOIL has brought in a special fuel to the market. If you travel outside, the kind of petrol being sold at the filling station is called RON 95 and that is the high specs in the fuel and in Ghana we sell RON 91, that is good but not as compared to the RON 95 . . . we should have increased the price but the Cedi is doing well and the price on the world market has also reduced,” he explained.

He hinted that GOIL determines the fuel price at Pump for the rest of the filling stations to follow, believing that such reduction in fuel price by GOIL will force the rest of the filling stations to reduce their fuel prices.

“The good news is that as we reduced our fuel prices, the rest of the filling stations will reduce their prices as well . . . what we are telling Ghanaians is that we are selling the best product at a reduced price,” he hinted.