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IES boss warns against using GOIL to influence fuel prices

IES boss warns against using GOIL to influence fuel prices

Nana Amoosi VII, Executive Director of the Institute for Energy Security, has warned the government against using GOIL to influence the market as fuel prices continue to rise.

While he admitted that some fuel stations were starting to sell petrol for more than GH17, he stated that GOIL was not raising prices.

The analyst expressed concern that this would cause market distortion.

“We are not surprised that GOIL is selling something far below what these other marketing companies are putting out.”

“You cannot manipulate the market by using a state or quasi-state institution.” It is a market that is unregulated.

“The least you can do is manage your forex exposure properly,” Nana Amoosi VII told Eyewitness News.

The government owes GOIL more than GH80 million, according to Nana Amoasi VII.

He also warned that this debt could have an impact on the Bulk Oil Storage Transportation Company.

“Because BOST owns nearly 20% of GOIL’s shares, any losses incurred by GOIL will be borne by you and me in the name of BOST.”

Also read: Government didn’t order us to cut our fuel prices by 15p

The challenges with fuel prices, according to Nana Amoasi VII, will continue because “there is no clarity on how the managers of the economy are seeking to bring down the fast-depreciating cedi, so we may be heading for rougher times.”


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