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Business News of Wednesday, 21 October 2015

Source: GNA

GOIL absorbs huge subsidy on fuel prices

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Ghana Oil Company Limited (GOIL), the only indigenous downstream oil marketing company in the country has absorbed over GH¢0.638 per litre on Super and GH¢0.639 per litre on Diesel since the inception of the deregulation regime in June.

Prices of petroleum products at GOIL’s filling stations across the country has again been reduced at the mid-October review period to GH¢2.838 per litre for Super and GH¢2.737 per litre for diesel, figures released at the latest price review by the GOIL Management to the Ghana News Agency in Accra indicates.

Mr Patrick Kwame Akpe Akorli, GOIL Managing Director, told the GNA in an interview that the decision to continue reducing prices of petroleum products since June 16 was to offer the motoring public some form of relief.

“We continue to share our profit margin with the motoring public; we understand the current socio-economic challenges and as such the Board and management consider it a corporate social responsibility to create an enabling environment for all.

“We also acknowledge that as a result of the energy crisis a lot more companies and individuals are depending largely on domestic and industrial generators…we are therefore being sensitive to Ghanaians who have a stake in GOIL,” Mr Akorli stated.

He said GOIL “will continue to put our customer’s needs first and will continue doing so to keep the good energy flowing.”

He advised the motoring public to take advantage of GOIL's prices and patronize its products.

GOIL in May 2012 outdoored a new brand logo and launched its new re-branded image into the oil marketing industry in the country.

The new logo centred around a “G” with wind vanes in various shades of orange rotating in an anti-clockwise fashion, seeks to present a dynamic action oriented company and with “GOIL,” and “Good Energy” written below in grey.

The rebranding was a reflection of GOIL’s commitment to grow its business by being better positioned in the minds of all stakeholders including employees, consumers, regulators, investors and even competitors.

The GOIL Re-branding targeted between five to ten years for “GOIL to transform and control the oil industry in the country”.

GOIL was incorporated as a private limited liability company on June 14, 1960 as AGIP Ghana Company Limited.

Its objective, was marketing petroleum products and related products particularly fuels, liquefied petroleum gas (LPG), lubricants, bitumen and other products in Ghana.

Its shareholders were AGIP SPA of Italy and SNAM S.P.A but on December 16th, 1968, SNAM S.P.A. transferred its 10 per cent shareholding, representing 95,000 shares to Hydrocarbons International Holdings of Zurich, Switzerland.

The Government of Ghana in 1974 acquired the shares of AGIP SPA and Hydrocarbons International Holdings in AGIP Ghana Company Limited and by a special resolution in 1976 changed the name of the Company to Ghana Oil Company Limited.

By a shareholders resolution passed on August 1, 2007 the Company adopted new regulations and was converted into a public Company.

GOIL has the largest retail network across the country with numerous consumer outlets doted throughout the country, in addition, there are a number of other retail outlets established to market premix fuel and kerosene to rural areas.

LP Gas filling plants have also been installed at some of the filling and service stations and at other locations in the country.

GOIL’s philosophy is to continuously improve and provide varieties in terms of its products and service delivery through product differentiation in the region of fuel oils it is about combining best breeds of additives with the normal fuel oil.

Meanwhile, GOIL has acknowledged the contribution of Mr Kojo Bonsu, the Chief Executive of the Kumasi Metropolitan Assembly (KMA), for being the brain behind the re-branding exercise the company undertook four years ago.

The re-branding exercise has propelled GOIL to the number one position in retailing among OMCs in Ghana.

In a citation signed by Mr Akorli, GOIL recalled that Mr Bonsu was appointed a board member of the company in July 2009, and served in that capacity till April 2015, and as acting Managing Director in 2011, during which periods colossal decisions to transform GOIL were taken.

“You were the key advocate on the board when the monumental decision to rebrand GOIL was taken – the results of which have seen GOIL being propelled to the number one position (retail) among oil marketing companies in Ghana.

“During your time on the board, you also served as the acting Managing Director from July 2011 to February 2012.

Among your key achievements then was the launch by GOIL of the “Super Taxi” and “Power Trotro” range of GOIL lubricants.

“For the above reasons, and generally for the part you played as a board member in the GOIL story, we honour you with this citation as a testimony of a job well done, and to say “Ye Da Woase,” Thank you, Mr Kojo Bonsu,” the citation concluded.