GOIL has reduced its pump prices to align with the National Petroleum Authority’s (NPA) price floor, offering some relief to consumers despite rising global crude oil prices driven by ongoing tensions in the Middle East.
The international oil market has seen upward pressure in recent weeks as geopolitical tensions push crude benchmarks higher, a development that would ordinarily translate into increased fuel prices at the pump.
However, following government’s decision to remove selected pricing margins aimed at easing pressure on consumers, GOIL says it has adjusted its pricing strategy to reflect the new structure and align with regulatory guidance.
According to the company, prices in the current window would have increased under normal market conditions.
“Prices should have gone up this window , so the reduction is not minimal at all: Apart from GOIL matching the NPA floor price, Super xp should have therefore gone higher than last window price. Yet we are witnessing a reduction.
Diesel is witnessing a GHS1.00 reduction as a result of government intervention in reducing some margins and GOIL decision to remain on NPA’s price floor,” it stated.
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