The Chamber of Oil Marketing Companies (COMAC) says the recent drop in fuel prices across the country was expected and is consistent with projections under Ghana’s deregulated petroleum pricing regime.
COMAC Chief Executive Dr Riverson Oppong explained that the Chamber had forecast lower fuel prices over the past three to four pricing windows and that member companies largely adhered to the expected reduction rates now being reflected at the pumps.
He stressed that the current price movements are the result of normal market dynamics, including global oil price trends, exchange rate movements, taxes, and competition among oil marketing companies. According to him, the reductions should not be seen as unusual in a deregulated market where companies actively compete for customers.
The comments come amid intense public discussion over aggressive price cuts by major players, particularly GOIL and Star Oil, whose actions have triggered wider adjustments across the downstream petroleum sector. Industry observers say the competition has forced several smaller oil marketing companies to reduce prices rapidly to retain customers.
Despite the heightened debate and what many describe as a price war, COMAC maintains that the developments reflect expected market behaviour and align with pricing trends the Chamber has consistently communicated in its outlooks.