GOIL was incorporated as a private limited liability company in 1960 as AGIP Ghana Company Limited with the objective of marketing petroleum products and related products particularly fuels, liquefied petroleum gas (LPG), lubricants, bitumen, and speciality products in Ghana. The shareholders were AGIP SPA of Italy and SNAM S.P.A.

On the 16th of December 1968, SNAM S.P.A. transferred its 10% shareholding representing 95,000 shares to Hydrocarbons International Holdings of Zurich, Switzerland.

The Government of Ghana in 1974 acquired the shares of AGIP SPA and Hydrocarbons International Holdings in AGIP Ghana Company Limited and by a special resolution in 1976 changed the name of the Company to Ghana Oil Company Limited.

By a shareholders resolution passed on August 1, 2007 the Company adopted new regulations and was converted into a public Company.

The Company’s main business is marketing and distribution of petroleum products in Ghana. The biggest chunk of its sales comes from the sale of Diesel and Gasoline. The Company is manned by a nine member management team headed by the Managing Director.

The marketing arms of the company are represented by four zonal offices namely the Zonal Office South, Middle Belt (Kumasi), West (Takoradi) and North (Tamale). These offices also serve as distribution points for the company’s products. However, the main distribution points are Liaison Office, Central Depot, and the Accra Plains Depot all within the Tema catchment area.

GOIL has a large retail network, comprising 85 filling stations, 61 service stations and 138 consumer outlets spread across the country. Of the filling and service stations 81 are company owned and 65 are joint venture stations. The consumer outlets include companies, schools, hospitals, factories, hotels, banks and major parastatals.

In addition, there are a number of other retail outlets established to market premix fuel and kerosene to rural areas. LP Gas filling plants have also been installed at some of the filling and service stations and at other locations in the country.

The Company’s geographical spread places it first in terms of the distribution of petroleum products and its network enables their products to reach virtually all parts of the country. 

Currently, GOIL’s technical partners are ENI SPA (AGIP) of Italy.