Edward Bawa, Chief Executive Officer of GOIL PLC, has disclosed that he inherited approximately $110 million in debt when he assumed office in 2025.

In an interview on Channel One TV’s The Point of View, Mr. Bawa explained that the debt was owed to BP, which at the time was GOIL’s sole petroleum supplier.

He said the company had struggled to meet payment deadlines for invoices, resulting in a “ring-fenced” debt arrangement with BP.

“At the time I got there, invoices had maturity dates for payment, but GOIL was unable to pay on time. The debt then stood at about $110 million owed to one company—BP,” he revealed.

According to Mr. Bawa, the debt situation made GOIL less competitive at the pumps, as high premiums on petroleum products during periods of rising fuel prices increased costs for consumers.

“BP was our only supplier. When we could pay for products, premiums were very high, which made us uncompetitive at the pumps. Price increases exacerbated the issue,” he said.

He added that the company has since taken steps to reduce the debt burden significantly.

“Thanks to a slightly improved exchange rate and engagement with our bankers, we have reduced the debt to about $30 million by settling the remainder,” Mr. Bawa explained.

The CEO also noted that GOIL has faced additional challenges, including supplier issues, outstanding bank obligations, and intermittent fuel shortages at some outlets, largely linked to the country’s recent economic difficulties.