The Ghana Oil Company (GOIL) has suspended its membership of the Oil Marketing Companies (AOMCs).
This follows claims by the AOMCs that the government influenced the companyâ€™s recent reduction in fuel prices after commercial transport owners in the country went on a sit-down strike to force the hand of the government to cause a reduction in the price of fuel.
GOIL recently reduced the price of fuel at the pumps by GHp15 per litre.
Refuting claims that the government was a major contributory factor to its decision to reduce fuel prices, a statement issued by the company and signed by its Managing Director, Mr Kwame Osei-Prempeh, said: â€œGOIL wants to state categorically that at no point did the government â€˜directâ€™ the company to reduce its fuel prices as being alleged and circulated.â€
It indicated: â€œGOIL is a listed company with a constituted Board of Directors and Management and takes decisions based on prudent commercial principles.â€
According to GOIL, â€œprofit is, therefore, not the companyâ€™s prime motiveâ€, adding: â€œWe also take cognisance of our corporate social responsibility to Ghanaians.â€
It noted that the reduction in fuel prices is â€œto cushion Ghanaians in the difficult post-Covid-19 periodâ€.
The company further noted: â€œThe allegation that the government is interfering in the industry is unfounded and baselessâ€.
â€œGOIL has the right, as any other OMC, to determine its prices.â€
It added: â€œWe, at GOIL, believe the association has shown gross disrespect to the company and treated it with contempt and public ridiculeâ€.
â€œGOIL has, therefore, decided to suspend its membership of the association immediately.â€