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 company’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: “GOIL wants to state categorically that at no point did the government ‘direct’ the company to reduce its fuel prices as being alleged and circulated.” It indicated: “GOIL is a listed company with a constituted Board of Directors and Management and takes decisions based on prudent commercial principles.”

According to GOIL, “profit is, therefore, not the company’s prime motive”, adding: “We also take cognisance of our corporate social responsibility to Ghanaians.”

It noted that the reduction in fuel prices is “to cushion Ghanaians in the difficult post-Covid-19 period”.

The company further noted: “The allegation that the government is interfering in the industry is unfounded and baseless”. GOIL has the right, as any other OMC, to determine its prices.”

It added: “We, at GOIL, believe the association has shown gross disrespect to the company and treated it with contempt and public ridicule”.

“GOIL has, therefore, decided to suspend its membership of the association immediately.”