PETROSOL CEO Downplays EV Adoption Threat
By Ernest Afram
The Chief Executive Officer of Petrosol Ghana, Mr Michael Bozumbil, has downplayed the impact of the increasing global shift towards electric vehicles (EVs) on the survival of PETROSOL.
Speaking in an exclusive interview with ZED Multimedia during the launch of the 9th Ghana CEO Summit in Accra, Mr. Bozumbil assured that PETROSOL is fully prepared to adapt to the evolving energy landscape. He described the company’s transition from PETROSOL Ghana Limited to PETROSOL Platinum Energy Ltd. as a strategic rebranding to signal its readiness to meet diverse energy needs in the future.
“As a brand, we are very much prepared for that. That’s why we are PETROSOL Platinum Energy. You need energy? We’re here, whether it’s petroleum products or electricity to power vehicles, we are ready,” he said.
Mr. Bozumbil explained that PETROSOL is positioning itself not only as a supplier of traditional petroleum products, but also as a broader energy company capable of providing power and other energy solutions as demand evolves.
The move comes amid rising global concerns about climate change and the increasing demand for cleaner transportation alternatives, including electric vehicles. While some industry players view this shift as a disruption, PETROSOL sees it as an opportunity for growth and innovation.
In a separate comment on the rising cost of petroleum products on the Ghanaian market, Mr. Bozumbil attributed the increases to factors including global market prices and the exchange rate.
“Petroleum products are international commodities. Whether they are produced in Ghana or elsewhere, they are priced globally. So when international prices go up, local pump prices follow,” he said.
“Secondly, if the global price stays the same but the cedi depreciates, consumers will still pay more at the pump. These two are the main forces behind price increases” he added.
Mr. Bozumbil acknowledged that while other minor factors may contribute to price changes, the international nature of petroleum trade and currency fluctuations remain the biggest influences on pricing in Ghana. The 9th Ghana CEO Summit brought together key players in Ghana’s corporate landscape to deliberate on leadership, innovation, and business sustainability amid global economic transitions.
