OMC Performance: GOIL’s market share falls for 6th straight quarter

Ghana’s State-Owned and largest Oil Marketing Company (OMC), GOIL, has seen its market share fall for the 6th consecutive quarter, latest industry data from the National Petroleum Authority cited by CediTalk reveal.

GOIL per the Jan-April 2024 OMC Performance report saw its market share wiped by 35% in just about 18 months as it only controlled 13.56% of the market in the first quarter of 2024 (Q1 2024) compared to the 20.92% share it had in the fourth quarter of 2022 (Q4 2022).

Additionally, whereas overall quarterly consumption of both petrol and diesel had increased from 511.93 million litres and 458.66 million litres to 612.60 million litres and 529.94 million litres respectively over the last 6 quarters, GOIL in 2024 Q1 sold 96.49 million litres of petrol and  73.85 million litres of diesel, a stark drop in the 122.61 million litres of petrol and 95.58 million litres of diesel is had reportedly sold in Q4 2022.

GOIL’s share further sunk in April 2024 to a record low of 12.11% as prices of its trademark premium petrol RON 95 kept soaring. The OMC subsequently in May 2024 reintroduced the RON 91 petrol brand, a move that is expected to bring stability to the continuous fall it market shares records.

For the first 4 months of 2024 however, GOIL remains the market leader with a total market share of 13.19%. Star Oil which broke into the country’s top 5 OMC’s per market share last year, consolidated its hold at number 2, with a record high share of 9.07%. Vivo Energies (Shell), TotalEnergies and Zen Petroleum remained in the top 5 despite seeing their shares also fall to 8.24%, 6.80% and 5.91% respectively in the first four months of 2024.

Puma Energy 3.80%, Benab Oil 2.82%, Dukes Oil 2.77%, Gaso Oil 2.53% and Frimps Oil 1.98% make up the remaining top 10 OMCs in the country for the first 4 months of 2024.

Star Oil, Gaso Oil and Duke Oil were the only OMCs in the top 10 that saw an increase in their market.

Source: Ceditalk