GHANA’S TOP PETROLEUM PRODUCTS RETAILER GOIL EXPANDS MARKET SHARE

Ghana Oil Company Limited (GOIL), the country’s leading petroleum products retailer has expanded its leading position both in terms of market share and number of filling stations.

“This is despite stiff competition from the over 80 other OMCs (oil marketing companies),” says its group chief executive officer, Patrick Akpe Kwame Akorli. “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.”

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

The publicly traded GOIL continues to make strides despite a challenging environment, especially as indicated in the fall in consumption in the oil marketing industry by about 5.0 per cent, said Akorli.

The nation’s leading indigenous OMC this year attained fuel sales growth of 6.2 per cent; and lubricants and LPG sales increase of 14.1 per cent and 83.2 per cent respectively compared with the same period last year.

Source: NAM NEWS NETWORK

   

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