The Chamber of Petroleum Consumers (COPEC) Ghana has revealed that in the Ghanaian market, the quality of petroleum products is consumers’ top priority.
This is followed by competitive pricing and accurate quantity at the pumps.
This insight comes as indigenous oil marketing company Star Oil has risen to become the second-largest in market sales, surpassing TotalEnergies and Shell, with only GOIL ahead.
Based on half-year industry data, Star Oil’s success is largely attributed to its competitive pricing strategy.
Speaking in an interview, Executive Secretary of COPEC, Duncan Amoah, stated that despite price differences, consumers prioritize finding fuel with the highest quality.
“The number one concern as far as the consumer preference is concerned, is always about the right quality. When you move from the right quality parameter, they will now look at the right price, and the third most essential is the right quantity,” he said.
He explained that consumers prefer quality fuel to guarantee the longevity of their vehicle performance and engine.
“If you check even other OMCs whose prices as I speak with you may be lower than Star Oil and GOIL, a lot more Ghanaians would continue to shy away from some of those OMC brands because of the perception that they wouldn’t probably get the right quality and their engines may be at a certain risk”.
Mr. Amoah noted that Star Oil’s rise is a positive development for the industry, as increased competition through price wars ultimately benefits consumers.
He advised Oil Marketing Companies (OMCs) to focus on maintaining high-quality fuel to build and sustain a strong brand presence in the market.
Meanwhile, several Oil Marketing Companies (OMCs) have reduced petroleum product prices at the pumps in the first pricing window of September 2024.
Market leader GOIL now offers petrol at GH₵14.16 per litre, a decrease of 6 pesewas, or 0.42%.
Diesel prices have also dropped to GH₵14.70 per litre from GH₵14.90, reflecting a 20 pesewas reduction and a 1.34% decrease.
Star Oil has also cut its petroleum prices, with petrol dropping by 10 pesewas to GH₵13.65 per litre, reflecting a 0.73% reduction.
Diesel prices have decreased to GH₵13.85 per litre from GH₵14.02.
However, Liquefied Petroleum Gas (LPG) has experienced a 2% increase, with the price rising to GH₵15.22 per kilogram (kg) from the previous rate of GH₵15.10.