A leading Oil Marketing Company (OMC), GOIL, has attributed the reduction in the price of diesel today, February 3, 2023 to the impact of the Barter of ‘Gold for Oil’ barter programme.

GOIL announced a 4% reduction in the price of diesel, resulting in a litre selling at ¢15.25.

The company, however kept the price of petrol unchanged at ¢15.25.

According to the OMC giant, the reduction was influenced by benefits associated with the Barter of ‘Gold for Oil’ programme which it participated in as an oil marketing company.

Some analysts have argued that GOIL’s action could force other players to adjust their prices in the coming days.

With the cedi’s stability over the past two weeks and another consignment of oil coming under the programme, some industry observers are hopeful prices may drop further.

First consignment under programme

On January 19, 2023, the Bulk Oil Storage and Transportation Company (BOST) announced that it has started selling petroleum products procured under the gold for oil barter arrangement.

GOIL and other Bulk Oil Distribution Companies took delivery of fuel for the market.

Initial stock release under the programme was estimated to be only 20% of Ghana’s market needs.

Earlier, Head of Financial Markets at the Bank of Ghana, Stephen Opata disclosed this to JoyNews in an interview on The Pulse on Thursday that more products will come in under the programme.

“The product was cleared from the ports today and I know that BOST has started selling. This is just 20% of our market needs from the numbers I have seen the prices are better than what is at the ex-pump prices right now.

“Because this is just 20% of our needs, it will not make that much impact as it would if we were to be doing 100% of our diesel needs,” he said.

Government took delivery of the first consignment of oil under the policy at the Tema Port on Monday, January 16, 2023.

The 41,000 metric tons of oil from the United Arab Emirates was subsequently discharged to Bulk Oil Storage and Transportation (BOST).