GOIL says it is exploring ways to prevent a surge in fuel prices at the pumps despite crude oil hitting $100 per barrel.

Group CEO and Managing Director Edward Bawa says higher global crude prices do not automatically mean motorists will face higher prices in Ghana.

He said the company is still studying the latest developments and assessing different scenarios before deciding on its next pricing move.

“So we will get there. We’re still looking, or we’re still studying the various scenarios, still looking at what we should do, but what I can assure Ghanaians is that we will always want to be on their side,” he said.

Speaking on Joy News’ PM Express Business Edition on Thursday, Mr Bawa said GOIL must cover its costs but would also consider the impact of fuel prices on consumers.

“That in as much as we need to at least cover our costs, we need to ensure that our actions also go to ameliorate, what do you call it, the effects of increases in prices for them,” he said.

According to him, GOIL’s pricing decision will depend on the figures and the strategy the company chooses to manage the current market conditions.

“I can tell you that we will look at the figures. We do not know what the figures will look like,” he said.

“Prices going up does not necessarily mean that at the pumps it will go up. It again depends on what strategy you are using. So GOIL will definitely find a way of trying to tame the market, and in doing that, by the 16th of September, you will know.”

The potential fuel price decision comes as commercial transport operators remain under pressure to adjust fares in response to rising operating costs.

The Ghana Private Road Transport Union has already pushed for a 30% increase in transport fares, placing additional emphasis on the upcoming fuel price review.

Mr Bawa, however, said fuel is not the only factor considered when determining transport fares.

“I understand GPRTU as a union body that the parameters considered in lorry fares are not only fuel. There is also the issue of the exchange rate for spare parts. There’s an issue of insurance and all other things that come into it,” he said.

He argued that the relative stability of the cedi should also be considered when assessing the case for higher transport fares.

“You realise that over the period, whilst prices of crude oil are going up, you have a fairly good situation within the country; you have a situation where the cedi and everything is still very fairly stable,” he said.

Mr Bawa said GOIL also has a responsibility to avoid adding unnecessary pressure to commercial drivers and their unions.

“But of course, as for GOIL, as a company, we must also be seen to be making the work of GPRTU and all other driver unions a bit easier for them to be able to insist on their drivers not to increase, having factored in when we are taking our price,” he said.

He admitted that developments on the global oil market create significant pressure for oil marketing companies.

“Anytime I see this, consistently you see that I am on my phone or my TV is on either CNN or another network, just to see what is happening,” he said.

According to Mr Bawa, GOIL’s concern is ultimately to prevent customers from bearing an excessive burden from global price shocks.

“And so, there are things that worry not only me, but I believe that it worries every OMC that interacts, because as a provider of petroleum products to customers, you want to ensure that your customers are not overly burdened because of the pricing,” he said.