Mr Alex Josiah Adzew, the GOIL Chief Operating Officer, told the Ghana News Agency in an interview on Tuesday that since the adoption of the deregulated regime, GOIL has always served as a measuring point for the other Oil Marketing Companies (OMCs).

“Major OMCs monitor and adjust their pricing window based on GOIL’s quotation. As a result, we have saved the nation from falling into the hands of cartels who would have manipulated and taken the nation for a ride with price hike,” he said.

“Pricing is key as what happens in the industry depends largely on the international market plus or minus local financial indicators such as the strength of the cedi to the dollar, levies and taxes as well as other prevailing conditions.”

Mr Adzew, however, assured the motoring and investor community as well as shareholders that in spite of the challenges and unpredictability of the international crude prices, the management has adopted prudent mechanisms to maintain its positive prospects.

He said GOIL had undertaken huge investments in the retail sector, which would continue to yield dividend for investors. The investments focus on the roll-out of new service stations and face-lifting of existing ones, which are all geared towards maintaining a leading role in the downstream sector.

He said in addition to expanding through the retail sector, “GOIL is also expanding to other areas, especially the bitumen and bunkering sectors. “We now have a 13.5 million litre capacity Marine Gas Oil (MGO) Storage Facility at the Takoradi Habour to meet anticipated demand as a result of the expansion of the Habour,” he said.

Mr Adzew noted that with the completion of the MGO, which is serving as the hub for bunkering activities along the coast, “GOIL is systematically expanding its network.” “This will bring revenue and position GOIL as a global player in the bunkering business, which will be to the advantage of the investor community, shareholders and the nation”.

He assured customers and the general public that the company will continue to deliver quality products and services that meet customer satisfaction. The GOIL Chief Operating Officer explained that the company, over the past decade, has recorded key milestones, which have resulted in several accomplishments.

He said the first significant step was the restructuring of GOIL from state-owned into a public-listed entity, on the Ghana Stock Exchange, through the visionary leadership of the Board of Directors, Management and the commitment of workers.

He said as part a strategy in 2008 to boost its market base, the company secured the contract to supply fuel for the construction of the Bui Dam. Mr Adzew said in 2009 the downstream petroleum sector witnessed heightened competition as the number of OMCs increased, adding; “GOIL responded to the competition with the introduction of two differentiated products - Diesel XP and Super XP.”

“In the same year GOIL’s efforts to enter into the Aviation Industry was crystallized with the setup of GOIL Aviation. We also took advantage of the oil find and started providing services for the Oil and Gas Exploration and Production companies, supplying Marine Gasoil and JET A1 for helicopters to the Oil Rig”.

He said between 2010 and 2012, the company underwent a transformation process aimed at changing its logo, station outlook and most importantly the corporate culture, which was dubbed: “Good Energy comes with a Smile”. Mr Adzew said GOIL believed in the potential of the indigenous Ghanaian, and as company; “We will continue to showcase the ability of local entrepreneurs’ capacity to contribute to the building of this nation.”

"Ghanaians should also reciprocate and support local companies by patronising our products and services. This is the only way we can empower local companies to meet the competition being offered by the multinationals.” “Ghanaians must take firm control of the economy. And I challenge local leaders to exhibit high sense of patriotism and commit to building Ghana”.