He also congratulated PETROSOL on the three awards it recently received from the Chamber of Petroleum Consumers.

Mr Le Hunte made the commendation at a meeting with the management of PETROSOL in Accra.

According to him, in spite of the challenges in the petroleum downstream industry which have led to some petroleum operators failing to meet their obligations to the bank, PETROSOL has successfully weathered the storm through prudent management and continues to meet its obligations.

He, therefore, encouraged them to continue to work hard to expand their operations to viable locations.

Mr Le Hunte further assured the management of PETROSOL of HFC Bank’s continuous support in its efforts to expand, indicating that HFC viewed PETROSOL as a worthy partner.

For his part, the Chief Executive Officer of PETROSOL, Michael Bozumbil, expressed his profound gratitude to HFC Bank for supporting PETROSOL right from the beginning of it operations when it could have been viewed as a high-risk business to lend to.

He, therefore, dedicated the awards to the hardworking staff of PETROSOL and also to the bank for reposing so much confidence in PETROSOL. He also assured the bank that notwithstanding the serious challenges in the petroleum industry and the general business environment, PETROSOL’s management would continue to be prudent in their financial management, even as it seeks to grow to ensure that its growth is sustainable.

Mr Bozumbil further expressed his satisfaction with the bank for assuring PETROSOL of its continuous support in its effort to expand its operations. He, however, asked the bank to quickly respond to the policy rate reduction by the Monetary Policy Committee of the Bank of Ghana, by reducing its interest rate to bring some relief to PETROSOL, since it was competing with multinationals which borrow at interest rate of  1-2 per cent whereas PETROSOL borrows at an interest rate of not less than 28 per cent.
PETROSOL, which is noted for its commitment to industry best practices and for offering consumers value for money, currently operates a network of 72 fuel stations spread across all the 10 regions.

The Chamber of Petroleum Consumers (COPEC) recently gave it three awards – the Fastest-Growing Oil Marketing Company (2016); the Marketing Personality of the Year (2016), which went to its Marketing and Supply Chain Manager, Kwasi Zigah; and the Overall Best Pump Attendant (2016), which went to Florence Nyarko of its Ohwim Fuel Station in the Ashanti Region.