The Chamber of Oil Marketing Companies (COMAC) has welcomed the government's decision to absorb GH¢2 on every litre of diesel, with its Chief Executive Officer, Riverson Oppong, confirming that member companies have already begun implementing the price reduction.

Speaking on JoyNews' Top Story, Mr Oppong described the intervention as timely, saying it would ease the burden on both consumers and operators in the downstream petroleum sector.

"This wave that has come is indeed here to cushion consumers and operators within the sector," he said.

Mr Oppong said the Chamber was working with the National Petroleum Authority (NPA) and its members to ensure the revised prices take immediate effect, adding that many oil marketing companies had already adjusted their pump prices from 6:00 p.m. on Monday.

"We've seen most of our members changing prices already from 6:00. And from tomorrow, we want to see that every member adheres to the decrease of GH¢2 so that the consumer will benefit from it," he stated.

Responding to questions about why the intervention excluded petrol and liquefied petroleum gas (LPG), Mr Oppong said a reduction in petrol prices would also have provided significant relief, given that many private motorists and commercial transport operators rely on petrol-powered vehicles.

"It's not every commercial vehicle that runs on diesel," he noted, adding that petrol users—"whether for private men like you and I or even commercial guys who are using petrol"—would also have benefited from lower prices.

He, however, clarified that the Chamber was not consulted before the decision was announced and only received it as an industry directive.

"There is no inclusivity here. That's what the government has decided," he said, while acknowledging that extending the intervention to petrol could have delivered broader economic benefits.

President John Dramani Mahama directed the National Petroleum Authority to absorb GH¢2 on every litre of diesel to cushion consumers against anticipated fuel price increases linked to rising global crude oil prices.

The intervention followed projections that diesel prices could increase by about 12.5% from August 1 due to escalating tensions involving the United States and Iran, which raised concerns over global oil supplies and shipping through the Strait of Hormuz.

Following the directive, the NPA revised the ex-pump price floor for diesel for the August 4–15 pricing window to GH¢14.97 per litre, down from the previously announced GH¢16.97 per litre.

The latest measure mirrors a similar intervention introduced in April 2026, when the government absorbed GH¢2 per litre on diesel and GH¢0.36 per litre on petrol for one month to cushion consumers from global fuel price shocks. That intervention reportedly cost the government more than GH¢200 million per pricing window, although the cost of the latest subsidy has yet to be disclosed.