Goil Ghana Fuel Prices: Goil Ghana occupies a prominent role as a significant fuel supplier in Ghana’s active energy sector. The importance of Goil Ghana in the market cannot be understated as long as fuel prices remain a significant factor in both national economic growth and day-to-day life.
The complexities of fuel prices in Ghana will be examined in this article, along with the variables that affect them and how they affect customers and the economy of the nation.
Join us on this journey to learn more about how Goil Ghana’s fuel prices affect the nation’s fuel consumption habits, economic expansion, and the standard of living of Ghanaians.
About Goil Ghana
GOIL, which stands for Ghana Oil Company Limited, is a state-owned oil and gas marketing company in Ghana. GOIL was formed on June 14, 1960, and was initially named AGIP Ghana Company Limited. It started as a private enterprise with major shareholders AGIP SPA of Italy and SNAM S.P.A.
In 1976, the name was changed to Ghana Oil Company after the government of Ghana acquired 100% shares of GOIL in 1974.
GOIL markets and distributes a wide range of petroleum products, including diesel, gasoline, premix, kerosene, bitumen, aviation fuel, liquid petroleum gas (LPG), lubricants, and special products such as brake fluids and mosquito coils.
GOIL has the largest retail network across Ghana, with more than 400 filling and service stations and 150 consumer outlets spread throughout the country. These outlets cater to various sectors, including companies, schools, hospitals, factories, hotels, banks, and major parastatals.
GOIL provides bunkering services for ocean vessels. It also builds storage tanks and lays pipelines to transport fuel and LPG across Ghana and other countries in sub-Saharan Africa.
GOIL is listed on the Ghana Stock Exchange under the ticker symbol GOIL.gh. It is an active company on the stock exchange, with shares traded and a market capitalization of GHS 646.6 million.
Goil Ghana Fuel Prices
According to the Goil Ghana website, as of 3rd July 2023, the latest Goil Ghana fuel prices of are;
SUPER XP RON95 – GHC 12.30 per litre
DIESEL XP – GHC 12.30 per litre
Difference Between SUPPER XP RON95 and DIESEL XP
Super XP and Diesel XP are two different types of fuel offered by GOIL in Ghana. Super XP is a differentiated PMS (Premium Motor Spirit) unleaded gasoline fuel with enhanced properties and attributes that allows for better engine performance and fuel economy. On the other hand, Diesel XP is a type of diesel fuel that is commercially available in many grades, but the differences between each grade do not affect the uses of the fuel.
Diesel XP is designed for diesel engines and is used to power vehicles such as trucks, buses, and cars that have diesel engines. The main difference between Super XP and Diesel XP is that Super XP is designed for gasoline engines, while Diesel XP is designed for diesel engines.
Factors Affecting the Price of GOIL Ghana Fuel Price
There are several factors that can affect GOIL Ghana Fuel prices. Here are some of the key factors:
Import Parity Price: The import parity price is the price at which imported fuel would be sold in Ghana, taking into account the cost of transportation, taxes, and other fees. The import parity price is a major factor in determining the price of fuel in Ghana, as most of the fuel consumed in the country is imported.
Foreign Exchange Rate: The foreign exchange rate is another important factor that can affect the price of fuel in Ghana. Since most of the fuel consumed in Ghana is imported, fluctuations in the exchange rate can impact the cost of importing fuel, which can in turn affect the price of fuel at the pump.
Taxes: Taxes are another factor that can affect the price of fuel in Ghana. The government of Ghana imposes taxes on petroleum products, including fuel, which can increase the price of fuel for consumers.
Refining Capacity: Ghana has limited refining capacity, which means that most of the fuel consumed in the country is imported. This can make the price of fuel in Ghana more susceptible to global market fluctuations and supply chain disruptions.
Government Subsidies: In the past, the government of Ghana has subsidized the cost of fuel for consumers, which can help keep the price of fuel low. However, subsidies can be costly for the government and can lead to budget deficits.
Impact of Goil Ghana Fuel Prices
The impact of fuel prices in Ghana, including GOIL Ghana fuel prices, can have significant effects on various aspects of the economy. Here are some key impacts:
Economic Growth: Changes in fuel prices, particularly crude oil prices, can have a substantial effect on the growth of the Ghanaian economy. Fluctuations in fuel prices can influence production costs, transportation costs, and overall business operations, which can impact economic growth.
Government Budget: Fuel prices can affect the government budget in Ghana. Revenues from oil exports and costs of oil imports can have an impact on the government’s fiscal position. When fuel prices are high, it can lead to increased revenue for the government, but it can also result in higher costs for fuel subsidies or increased expenses for public transportation and other government operations.
Inflation: Fuel prices can contribute to inflationary pressures in Ghana. Changes in oil prices can affect the prices of goods and services, particularly transportation costs, which can have a cascading effect on the overall price level in the economy.
Macroeconomic Variables: Fuel price shocks, both linear and nonlinear, can have adverse impacts on various macroeconomic variables in Ghana. These variables include exchange rates, output, inflation, and other economic indicators. Fluctuations in fuel prices can disrupt the stability of these variables and create challenges for economic management.
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What are the current fuel prices for GOIL in Ghana?
The latest prices of fuel as of 3rd July 2023 are, SUPER XP RON95Â – GHC 12.30 per litre and DIESEL XP – Â GHC 12.30 per litre
Has GOIL recently reduced the prices of petrol and diesel?
Yes, Goil Ghana has reduced the price of petrol and diesel as of December 2022 petrol was GHS 13.10 per litre whereas diesel was GHS 18.86 per litre.
When do the new fuel prices take effect?
In July 2023, the new fuel prices were effective from July 3rd at 6 AM. It is important to check for announcements or updates from GOIL for any new update
Where can I find the latest fuel prices for GOIL in Ghana?
The latest fuel prices for GOIL in Ghana can be found on GOIL’s official website. Additionally, you can check their official Twitter account for updates on fuel prices
In conclusion, the prices of GOIL fuel in Ghana can vary and are subject to change frequently. GOIL has reduced the prices of petrol and diesel in the past, and fuel prices are set to be reduced further by up to GH¢1 per litre in July 2023.
The effective dates for new fuel prices can vary, and it is recommended to check GOIL’s official website or Twitter account for the most up-to-date information.
