GOIL reduces fuel prices

In a release issued by Goil, it said a litre of its newly introduced SuperXP RON 95 is now GHC5.40 while Diesel will now sell at GHC5.41.

The price change is in line with the drop in international petroleum prices and the relative stability of the cedi.

The statement said that “the revision in prices is as a result of reductions in international prices of finished products and the appreciation of the Cedi against major currencies especially the US dollar.”

This reduction is coming after Goil recently introduced a higher grade Super XP (RON 95) onto the market at no extra cost to customers.

Former Chief Executive of NPA says 0.2% fuel price reduction is unacceptable

A former Chief Executive of the National Petroleum Authority (NPA), Alex Mould has said that Goil has taken a scandalous decision to reduce prices by 0.2%.

He told Accra-based Citi FM that the percentage of reduction is insignificant as the price of oil on the international market has fallen drastically.

“Oil prices down 7.5%, cedi appreciates from 5.7 to 5.25 nearly 7.5% and fuel prices reduce by less than 0.2%. Are we joking in this country?”

He explained that the deregulation of the petroleum downstream industry which was implemented in the erstwhile Mahama administration was to allow the consumer to benefit from favourable market conditions such as drops in oil price and appreciation of the cedi

“This Government seems insensitive to the sufferings of the majority of the citizens and rather seems to favour the few that control the economy.”