The CEO of the Association of Oil Marketing Companies (AOMCs), Dr Riverson Oppong, has expressed deep concern over the rampant corruption in Ghana’s oil marketing industry.

The oil marketing sector in Ghana is under a siege of its own making, according to him.

Speaking on Joy News’ PM Express Business Edition, last Thursday, he lamented the chaotic state of the industry, where the sheer number of Oil Marketing Companies (OMCs) undermines effective regulation and contributes to widespread corruption.

“There are so many regulations in the system, but still, the system is corrupt because the number is too much,” he said.

Dr Oppong believes the influx of OMCs has created a chaotic environment that makes it nearly impossible for regulators to maintain control.

He pointed out the unsettling trend of non-compliance, with some companies undercutting prices and selling lower quantities of fuel than advertised.

Dr Oppong stated, “You didn’t see things like this when you had a minimum number, a handful that you could actually regulate.”

In his view, some OMCs lack the capacity and expertise to operate sustainably.

“I must fight for my members. I must advocate for my members. But it’s not easy with a quantum of members who don’t know what they are doing,” Dr. Oppong admitted.

He also expressed disbelief at the operations of some OMCs.

“I still don’t understand how oil marketing companies, with just seven stations today, are breaking even. And that’s why we see so many malfunctions,” he noted.

Dr. Oppong stressed that effective regulation and a controlled number of players are essential to revamping the industry.

He urged stakeholders to address this issue head-on, lamenting the deteriorating standards in the sector.