GOIL PLC, a listed oil and gas marketing company, has cut fuel prices at 150 of its outlets nationwide as part of its contribution to ease the cost of living.

The latest fuel price reduction by GOIL, the second this month, takes effect from today.

Under the current pricing window, the price of petrol (PMS) has been reduced to GH¢9.99 per litre, from GH¢10.99, marking the first time in nearly a decade that petrol prices have returned to single-digit levels.

Diesel, technically known as AGO, has also been reduced to GH¢11.21 per litre (against the previous GH¢11.96) at the selected stations.

The Group Managing Director and Chief Executive Officer (CEO) of GOIL PLC, Edward Abambire Bawa, explained that the significant reduction in fuel prices at 150 out of its 447 outlets nationwide, as part of a targeted pricing intervention, was aimed at easing transportation costs and ensuring that recent economic gains translated into tangible relief for ordinary Ghanaians.

“The price reduction applies to strategically selected GOIL stations located closer to commercial vehicle terminals and major transport corridors across the country.

“These locations primarily serve public transport operators and vehicles involved in the movement of food and goods from farm gates to urban and peri-urban markets,” he explained in an exclusive engagement with the Daily Graphic.

“The intervention is designed to ensure that the benefits of improved macroeconomic conditions are passed on directly to commuters, transport operators, traders, and consumers,” Mr Bawa added.

The MD/CEO of GOIL PLC added that lower fuel prices at the high-impact locations were expected to help reduce transport fares, lower the cost of moving food items from farms to markets, and ultimately moderate food prices in towns and cities.

Mr Bawa stated that the initiative aligned with its role as a national energy company with a responsibility not only to remain competitive, but also to support broader socio-economic objectives, particularly in periods of economic recovery.

The company further indicated that the pricing decision had been made possible by the improving economic fundamentals of the country, including greater macroeconomic stability, easing inflationary pressures, and enhanced confidence in the economy.

“These conditions have been underpinned by the sound economic leadership of President John Dramani Mahama, whose policies have contributed to stabilising the economy and creating room for businesses to pass on cost savings to consumers,” the GOIL CEO added.

Mr Bawa reaffirmed GOIL PLC’s commitment to support national development through responsible pricing, efficient operations, and strategic interventions that positively impact the daily lives of Ghanaians.

The company encouraged the public, particularly commercial drivers and transport operators, to take advantage of the reduced prices at the designated GOIL stations, as it continues to deliver on its promise of providing “good energy” to power the country’s growth.