The Ghana Oil Company Limited (GOIL) the nation’s foremost indigenous Oil Marketing Company, has reduced its ex-pump prices of petroleum products in the March ending window.

A statement signed by the company's Public Relations Manager, Robert Kyere, on Wednesday said GOIL’s Super XP has been reduced by GH0.05 per litre while Diesel XP also goes down by GHc0.05 per litre effective March 29.

The statement said the reduction is to reflect on the downward trend of petroleum prices on the international market and importantly, to keep faith with the consuming public.

GOIL which prides itself as the Chartered Institute of Marketing Ghana’s (CIMG) Petroleum Company of the year asked consumers especially transport partners to take advantage and reward the company by patronizing GOIL products at all service stations.

GOIL assures consumers it will continue to be a benchmark for competitive fuel prices in the industry. 

The statement said GOIL continue to remain on course in the retail business through competitive pricing, offering quality additivated products, value for fuel purchased and maintenance of a high level of visibility by the strategic spread of its filling stations.

GOIL since the inception of the deregulation regime on June 16, 2015 continue to set a petroleum deregulation benchmark of constantly quoting the lowest price.

The National Petroleum Authority (NPA) on June 16, 2015 issued a statement which was signed by then Chief Executive Officer, Moses Asaga, announcing the first process towards the implementation of the petroleum product price deregulation.

According to NPA, the implementation of the first stage of price deregulation would continue into subsequent pricing windows while the Authority reviews the existing legal framework of petroleum products, pricing towards a smooth implementation of the full steps of petroleum products price deregulation in Ghana.

The OMCs are also under obligations to display their ex-pump prices at their retail outlets, to allow the NPA monitor “the application of the Prescribed Petroleum Pricing Formula, to ensure that all petroleum service providers apply the formula in the right way so that defaulters can be duly sanctioned”.