The Executive Director of the Institute for Energy Security, Nana Amoosi VII, has cautioned the government against using GOIL to influence the market amid further increases in the price of fuel.

While he said some fuel stations were starting to sell petrol at over GH¢17, he said GOIL was not increasing prices.

The analyst expressed concern that this would distort the market.

“Strangely, we find that GOIL is selling something far below what these other marketing companies are putting out, and we are not surprised.”

“You can’t use a state institution or quasi-state institution to manipulate the market. It is a deregulated market. The least you can do is to manage your forex exposure well,” Nana Amoosi VII said on Eyewitness News.

According to Nana Amoasi VII, the government owes GOIL over GH¢80 million.

He warned further that this debt could affect the Bulk Oil Storage Transportation Company.

“BOST owns close to 20 percent of GOIL’s shares, so any losses that GOIL will create, will come back to you and I to pay in the name of BOST.”

Nana Amoasi VII said he expects the challenges with fuel prices to 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.”