GOIL’s market share grows to 17.5 per cent

Goil  Fuel PixGhana Oil Company Limited (GOIL) now has a market share of 17.5 per cent, making it the biggest oil marketing company (OMC) in the country.

The market share shows a 4.06 per cent higher than that recorded two years ago.

“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,” Patrick Akorli, Managing Director of GOIL said at a stakeholders’ meeting in Accra.

He said GOIL was proud to have played a critical role in stabilising the market since the implementation of price de-regulation in 2015.

Mr. Alorli said the company continued to make strides despite a challenging environment, especially as indicated in the fall in consumption in the oil marketing industry by about five per cent.

This year, the nation’s foremost indigenous OMC 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, according to Mr. Akorli, adding that GOIL was on course to meet 92.8 per cent of its target for 2016.

GOIL has the largest retail network across the country and also has numerous consumer outlets throughout Ghana. The consumer outlets include companies, schools, hospitals, factories, hotels, banks and major parastatals.

In addition, there are a number of other retail outlets established to market premix fuel and kerosene to rural areas. LP gas filling plants have also been installed at some of the filling and service stations and at other locations in the country.

Further, it has a storage facility in Sekondi-Takoradi that bunkers most of the giant oil and gas producing firms in operating in the Western Region. Again, GOIL has a 3.5 litre capacity bunkering facility at the Tema port and currently being rehabilitated.

Currently, the national oil marketing company is constructing marine gas oil tanks at the Takoradi port, which is almost completed for operations to commence early next year.

Despite its remarkable progress, GOIL encounters some operational challenges 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,” Mr. Akorli said.

In 1974, the government of Ghana acquired the shares of AGIP SPA and Hydrocarbons International Holdings in AGIP Ghana Company Limited and by a special resolution in 1976 changed the name of the company to Ghana Oil Company Limited.

By a shareholders resolution passed on August 1, 2007, the company adopted new regulations and was converted into a public company.

 

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