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GOIL remains biggest OMC under price-deregulation

Business and Economics

 Accra, Dec. 4, GNA - Ghana Oil Company Limited (GOIL) remains the biggest Oil Marketing Company (OMC) in the country in terms of both market share and number of stations.

 “This is despite stiff competition from the over 80 other OMCs. GOIL currently has a market share of 17.5 per cent which is slightly higher than that recorded last year.

 “This is particularly significant taking into consideration the fact that the company commanded a market share of 13.44 per cent at the end of December 2014,” Mr Patrick Akpe Kwame Akorli, the GOIL Group Chief Executive Officer, said in Accra.

 Mr Akorli, addressing stakeholders at the company’s end-of-year award and dinner, said: “GOIL is particularly proud to have played a critical role in stabilising the market since the implementation of price de-regulation in 2015”.

 He explained that GOIL continues to make strides despite a challenging environment especially as indicated in the fall in consumption in the oil marketing industry by about 5 per cent.

 Mr Akorli said the nation’s foremost indigenous OMC this year had attained fuel sales growth by 6.2 per cent; Lubricants and LP Gas sales increase by approximately 14.1 per cent and 83.2 per cent respectively compared to the same period last year.

 “Over all GOIL is likely to meet 92.8 per cent of the target in 2016,” Mr Akorli, who received the CIMG Marketing Man of the Year, stated.

 On the achievements of GOIL, Mr Akorli said GOIL had been rewarded by the Ghana Investment Promotions Centre’s Ghana Club 100 as the Second Best Company; the  Best Listed Company on the Ghana Stock Exchange and the Largest Company for the year 2015.

 “We also won the Ashanti Business Excellence Awards 2015 again as a result of our successes, the well-recognised Chartered Institute of Marketing Ghana (CIMG) affirmed GOIL as the 2015 Petroleum Company of the Year while I was named as the Marketing Man of the Year.

 “Our Bulk Oil distribution Company GO Energy, also won the Bulk Distribution Company (BDC) Company of the year at the recently organised Oil and Gas Awards.

 “We dedicate these awards to the visionary Chairman and Board of Directors, colleague management members and the entire hardworking staff some of whom we are recognising tonight.

 “These awards will spur us on to achieve even more successes in the coming year,” he said.

 Mr Akorli also acknowledged some of the operational challenges confronting the industry key among them being the increasing cost of doing business especially the hikes in rents, licenses, permits and fees by industry regulators and landlords.

 “This is against the backdrop of stagnant margins due to intense competition,” he said.

Mr Akorli acknowledged the support from the Ministry of Petroleum especially the Minister, Mr Armah Kofi Buah and the Chief Director, Prof. Thomas Akabzaa as well as the rapport between GOIL and other regulatory institutions such as the National Petroleum Authority, Environmental Protection Agency,  Ghana National Fire Service and Urban Roads among others.

He thanked GOIL’s cherished customers and patriots who continued to support itwith their purchasing power adding; “we are indeed grateful”.

The GOIL end-of-year award and dinner was graced by Mr Seth Terkper, Minister of Finance, Professor William Asomaning, GOIL Board Chairman; and Barimah Azumah Nelson, GOIL Brand Ambassador.

Distinguished staffs who had worked between 10 and 35 years were given awards whilst GOIL Filling Stations with exemplary services over the period were also acknowledged.

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