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Mon, Dec

PETROSOL holds mid-year review

Mr Michael Bozumbil — Chief Executive Officer, PETROSOL

Petrosol, an oil marketing company, has held a mid-year retreat in Accra to take stock of its activities for the first half of the year and deliberate on ways of improving its performance in the second half of the year.

Addressing staff and management, the Chief Executive Officer, Mr Michael Bozumbil, noted that the first half of the year was very challenging for the industry in general, and PETROSOL in particular, because of the heavy toll the introduction of the special petroleum tax (SPT) had had on their working capital.

He also mentioned the unscrupulous sale of naphtha, condensate and export products on the local market, the intense price war as a result of the deregulation of petroleum products as well as high cost of funds, as some of the challenges the companies faced in the first six months of the year.

He, however, said notwithstanding the challenges, PETROSOL, although relatively new, had shown resilience and as a result made some commendable strides in the midst of the intense competition. 

“This is because consumers of petroleum products continue to repose their confidence in the PETROSOL brand as offering value for money, since it consistently delivers quality petroleum products in accurate quantities at competitive prices through its safe and convenient fuel stations nationwide,” Mr Bozumbil said. 

He identified some of the strides made as increase in the number of stations, improvement in the quality of fuel stations infrastructure leading to high inspection scores by the industry regulator, the National Petroleum Authority, and prompt and reliable payment of petroleum taxes and their obligations to the suppliers.

The company’s market share also grew within the period, thereby making PETROSOL rank among the top 10 OMCs in the country, the CEO said.

Mr Bozumbil, therefore, commended the staff and the dealers as well as other stakeholders for their support and dedication to duty. 

He entreated them to continue to stay focused and committed to working to achieve the company’s objectives for the year.