Audio By Carbonatix
The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr Riverson Oppong, says recent increases in fuel prices at the pumps are a direct result of rising international market costs and not increased margins by Oil Marketing Companies (OMCs).
According to him, the current adjustments reflect the reality of the global petroleum market, where prices have been climbing due to movements in international crude and refined product prices.
Speaking in an interview on Joy FM's Newsnight on Monday, July 27, he explained that OMCs operate by passing on costs incurred from Bulk Distribution Companies (BDCs) to consumers, adding that they cannot continue absorbing rising costs without affecting their businesses.
"The BDCs are increasing their prices, and I have witnessed some of them adjusting prices overnight, even two or three times in a day. I wouldn't blame them because if traders are increasing their prices, they also have to respond," he said.
His comments come amid growing concerns over rising fuel costs, with petrol selling at GH₵14.5 per litre and diesel nearing GH₵18.
Dr. Oppong stressed that OMCs are not solely responsible for the price increases, as they are compelled to reflect the actual cost of fuel supplied by BDCs.
"OMCs cannot bear the cost always because you will still come back and say we are not being fair to consumers. So we pass on the true cost from the BDCs through the OMCs to consumers," he explained.
He also dismissed suggestions that some OMCs are violating pricing regulations, insisting that operators are complying with the approved price floor.
"No one is selling below the price floor. We are complying," he said.
Looking ahead, Dr. Oppong warned that consumers should brace for possible further increases in the next pricing window in August, depending on developments on the international market.
He noted that the Chamber had expected BDCs to maintain their previous selling prices to enable OMCs to keep prices stable, but the recent adjustments have made that impossible.
Dr. Oppong added that the Chamber's earlier advocacy for the National Petroleum Authority (NPA) to maintain a price floor was aimed at ensuring transparency and preventing unsustainable pricing practices.
"Check it today; no BDC or OMC has been selling at the price floor for the past two windows. This is the true price that allows an OMC to break even, or at best make a one pesewa profit," he said.
Latest Stories
-
Afoko can give NPP ‘new identity’ ahead of 2028 to overcome NDC – Political scientist, Dr Amakye-Boateng
2 minutes -
2 injured amid gunshots during raid at Nawara Mining office at Nsuapemso
7 minutes -
St Augustine’s College retains 2026 National Investment Quiz title
11 minutes -
KNUST Nursing and Midwifery School staff recognised at 2026 Health Ministry Excellence Awards
19 minutes -
JoyNews’ Esther Esi Nkrumah selected for UK Media Excellence for Emerging Technology Fellowship
24 minutes -
Five NDC youth organisers in Western Region pay courtesy call on Armah-Kofi Buah
37 minutes -
NACOC demands tighter port controls to prevent Tema Harbour drug trafficking
39 minutes -
Ghana’s startup ecosystem must build sustainability into innovation – Ghana Hubs Network
51 minutes -
Friday’s beachfront demolition was carried out at Labadi Beach Hotel’s request, not for flood mitigation – Stan Dogbe
52 minutes -
LA 2028: Mukarama returns to Black Queens squad for Olympic Games qualifiers
54 minutes -
Fusaini Yakubu Abanga leads NPP National Youth Organiser race with 45% in Global InfoAnalytics poll
1 hour -
Suame Methodist JHS marks 120 years with a call for STEM innovation
1 hour -
Global fashion coalition launches in the heart of Kantamanto Market
1 hour -
‘No concrete commitments from government’ – Brong Ahafo teacher unions maintain strike
1 hour -
Finance Minister demands greater returns from NLA after GH¢10 million dividend presentation
2 hours