• GOIL cuts fuel prices at about 150 service stations

• Reduced prices apply to gasoline and diesel products

• Move follows strong 2024 profits and energy arrears clearance

Ghana’s state-owned fuel distributor GOIL Plc said on Friday it would cut fuel prices at about 150 of its service stations. The cuts apply to Super XP (regular gasoline), Diesel XP and Super XP 95 (95-octane premium gasoline).

Before the change, GOIL sold Super XP at 12.52 cedis ($1.16) per litre, Diesel XP at 12.76 cedis ($1.19) and Super XP 95 at 14.85 cedis ($1.38). The new prices are 10.99 cedis ($1.02), 11.96 cedis ($1.11) and 13.97 cedis ($1.30) per litre, respectively, at the selected stations.

GOIL said the initiative was in line with its role as a national energy company and aimed to support broader economic objectives, particularly during the recovery. It added that regular pump prices would remain in place at other GOIL stations.

GOIL did not say how long the initiative would last or whether it would extend it to its full network. It also did not disclose the impact on its margins.

According to GOIL’s 2024 annual report, profit after tax rose to 84.7 million cedis ($7.9 million) in 2024 from 54.7 million cedis ($5.1 million) in 2023, an increase of about 55%.

Ecofin Agency reported last week that Ghanaian authorities had disbursed $1.47 billion to clear energy arrears accumulated over several years.

Abdel-Latif Boureima