Despite ongoing global uncertainties triggered by the Israel-Iran conflict, oil marketing giant GOIL PLC has once again reduced the prices of its fuel products.
The company announced new prices effective July 1, with Super XP selling at GHC12.07 per litre, Diesel XP at GHC13.20 per litre, and Super XP 95 at GHC14.34 per litre.
In a statement, management said the latest price cuts were part of efforts to support motorists, ease the financial burden on consumers, and reward customer loyalty. “The marginal reduction, in spite of the global challenges, is also to support the motoring public, reduce pressure on consumers, and share profit margins with the loyal clients who have been consistent with the GOIL brand,” the statement read.
Over the past three months, GOIL has consistently adjusted prices downward each week, which management describes as a commitment to “profit sharing and burden uplifting” in solidarity with Ghanaians.
With more than 400 active filling stations nationwide, GOIL continues to position itself as the leading indigenous oil marketing company through what it calls “progressive pricing,” ensuring consumers reap the benefits of their loyalty.
Strong 2024 Performance and Optimistic Outlook for 2025
At the company’s 56th Annual General Meeting in Accra, Board Chairman Nana Philip Archer reported strong performance for the 2024 financial year, citing year-on-year growth, increased earnings per share, and strategic cost containment as key achievements.
He explained that robust revenue generation and disciplined asset management helped offset operational cost increases. “The growth was achieved through prudent financial management, strategic marketing, and operational efficiency despite a challenging year,” he said.
Looking ahead, Mr. Archer expressed optimism for 2025, noting that Ghana’s peaceful political transition and improved macroeconomic indicators offer a fresh opportunity for expansion and innovation.
Strategic Projects and Sector Expansion in 2025
Key initiatives for 2025 include the expansion of GOIL’s LPG infrastructure, particularly two bottling plants in Tema and Kumasi with a combined capacity of 1,200 metric tonnes. This forms part of the company’s support for the government’s Cylinder Recirculation Model.
GOIL also plans to aggressively expand its footprint in the aviation, mining, and autogas markets, with innovation, digital transformation, and risk management embedded at the core of its 2025 strategy.
GOIL Eyes Green Transition and Market Leadership
Group CEO and Managing Director, Mr. Edward Abambire Bawa, reaffirmed the company’s commitment to embracing innovation and staying competitive in the era of green energy. “In the spirit of green transition, GOIL is adapting to new innovations, becoming more competitive, and taking its rightful place as the top OMC in terms of market share,” he said.
He further revealed that management has introduced a target-based performance review system to streamline operations and achieve core business goals.
GOIL’s steady price reductions, strong financials, and forward-looking projects position it not only as a market leader but also as a key player in Ghana’s transition to a modern, sustainable energy economy.
