A Ghanaian firm, Energy Ghana, a subsidiary of Energy Media Group has recently launched a fuel rating app that will enable consumers to compare fuel prices charged by different supplies amid growing competition in the industry.
The Ghana Fuel Prices app ranks oil firms according to their pricing structures and updates users on the cost of diesel, petrol, kerosene and liquefied petroleum gas on a regular basis.
“The app gives fuel consumers a good deal at the most economic prices and enabled them have value for their money while encouraging tough competition,” Henry Teinor, the Energy Media Group chief executive officer said.
“It provides oil and gas pricing information to consumers by offering comprehensive information to oil users to make informed choices and boost fair price war in the Ghanaian oil market. Indeed, this ranking thing promotes fair competition among the oil marketing companies, it enables the consuming public to compare and buy fuel, it ensures buyers get value for money, and helps promote local companies that quote cheaper prices than multilateral ones.”
The ranking of 24 oil companies as of Wednesday showed that many indigenous companies offered the lowest prices.
AI Oil offered the lowest prices, selling a litre of petrol at 3.2300 cedis and 3.1000 cedis for diesel. International conglomerates such as TOTAL, SHELL and GOIL had the highest prices.
Competition in Ghana’s fuel sector intensified after the government deregularised the oil industry last year.
The West African country passed an oil price liberalisation law in 2005 enabling industry players, bulk distribution and marketing companies to come on board in the importation and sale of petroleum products. But the implementation of the liberalisation policy was delayed until early 2015.
The policy obliges both importers and dealers to fix their prices in accordance with demand and supply forces.