Business News of Friday, 10 December 2021
Source: www.ghanaweb.live
2021-12-10GOIL's withdrawal from AOMC's detrimental to oil industry - Nana Amoasi VII
Executive Director of the Institute of Energy Securities Nana Amoasi VII
GOIL withdraws from the Association of Oil marketing companies
GOIL reduces fuel prices by 15 pesewas
Commercial drivers embarked on a sit-down strike on Monday
Executive Director of the Institute of Energy Securities Nana Amoasi VII has said the resolution by the Ghana Oil Company Limited (GOIL) will have an enormous impact on the oil industry.
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According to him, move will not be helpful due to the major role the state-owned oil company plays in the downstream oil sector.
Reacting to the announcement of GOIL’s withdrawal from the Association of Oil Marketing Companies (AOMCs) following allegations of government interference by the Association, Nana Amoasi said GOIL contributes almost 19% to the gasoline market and about 15% to the gas oil market.
“The last time I checked in October 2021, GOIL contributes almost 19% of the gasoline market and about 15% of the gas oil market so it means that GOIL is a major player within the Association of Oil Marketing companies,” he told Joy FM.
“For every group you can be sure that your strength is in your numbers so if part of the group is kicked off, it will surely have an impact on the group’s advocacy and so they should try and make sure that their interests are met by policy makers in the downstream sector,” he added.
Meanwhile, GOIL has in a statement issued on December 8, 2021 criticized the AOMCs for peddling such a claim against it and described it as “gross disrespect.”
“We at GOIL believe that the Association has shown gross disrespect to the company and treated it with contempt and public ridicule and has therefore decided to suspend its membership of the Association immediately,” GOIL said in its statement.
