The Group Chief Executive Officer and Managing Director of GOIL PLC, Edward Bawa, has revealed that the company relies on local refineries for a portion of its finished petroleum products.
He indicated that about 30 per cent of GOIL’s supply is sourced domestically, particularly from the Tema Oil Refinery and the Sentuo Oil Refinery, depending on prevailing market dynamics.
Mr Bawa explained that the share of locally procured fuel remains limited due to the country’s constrained refining capacity, which makes it difficult to meet a larger proportion of demand through domestic production.
He noted that while the company would prefer to increase local sourcing, the current output levels of refineries within Ghana do not support a higher percentage.
The GOIL boss further pointed out that fuel obtained from local refineries tends to be more competitively priced than imported products, offering some cost advantages to the company.
Speaking on Channel One TV on Monday, March 16, Mr Bawa said, “It will obviously not be more than 30 per cent because generally the in-country capacity is not enough for us to get more. But at least it is not more than 30 per cent,” adding that “the products we get in the country are comparatively cheaper.”
He emphasised that increasing domestic refining capacity would be key to reducing reliance on imports and improving pricing competitiveness in the long term.
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Source: www.myjoyonline.com