Energy | National GOIL blames the exchange of gold for oil for the decline in the price of fuel.
Joy Business, February 3, 2023, 2:12 p.m.
An influential Oil Marketing Company (OMC), GOIL, has credited the impact of the "Gold for Oil" barter scheme with the decrease in diesel prices as of today, February 3, 2023.
GOIL announced a 4% price cut on diesel, making a litre sell for $15.25.
However, the corporation kept the cost of gasoline at 15.25.
The OMC behemoth claims that the reduction was impacted by advantages related to the "Gold for Oil" barter arrangement in which it took part as an oil marketing firm.
According to some analysts, GOIL's conduct may prompt other participants to change their prices in the days to come.
Some market watchers are optimistic that prices will decline further as a result of the cedi's stability over the past two weeks and the arrival of another shipment of oil under the program.
first shipment under the program
The Bulk Oil Storage and Transportation Company (BOST) declared on January 19, 2023, that it had begun selling petroleum goods acquired through the gold for oil barter agreement.
Fuel for the market was sent to GOIL and other bulk oil distribution businesses.
Only 20% of Ghana's market requirements were thought to have been met by the program's initial stock release.
More items would be added to the program, as previously stated by Stephen Opata, Head of Financial Markets at the Bank of Ghana, in an interview with JoyNews on The Pulse on Thursday.
"I know BOST has started selling, and the merchandise was cleared from the ports today. According to the data I have seen, this only meets 20% of our market's needs, and the prices are still better than they are at the moment's ex-pump prices.
This would not have as much of an impact as it would if we were to meet 100% of our diesel demands, he explained, because it only represents 20% of our needs.
On Monday, January 16, 2023, the government received the first shipment of oil under the policy at the Tema Port.
Following that, Bulk Oil Storage and Transportation received the 41,000 metric tons of oil from the United Arab Emirates (BOST).
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