The Chamber of Oil Marketing Companies (COMAC) is holding a crucial meeting today to develop a unified industry position on the Petroleum Price Floor Programme, as divisions deepen among oil marketing companies (OMCs) over the policy’s effect on fuel pricing.
The meeting comes amid sustained disagreement within the downstream petroleum sector.
While some OMCs view the price floor as an important stabilising tool that protects market integrity, others oppose it, arguing that it restricts their ability to fully pass on price reductions to consumers.
Tensions around the policy escalated during the second pricing window in January, with the debate playing out across social and traditional media.
This has intensified calls from parts of the industry for the regulation to be reviewed or removed altogether.
As the umbrella body representing OMCs, COMAC says it has taken note of members’ concerns and convened the meeting to help resolve the growing impasse.
Discussions are expected to centre on harmonising member positions, evaluating the policy’s impact on the market, and agreeing on a collective stance ahead of further engagement with regulators.
Observers say the outcome of the meeting, which is expected to continue through January 22, will influence COMAC’s next steps.
These may include formal discussions with the National Petroleum Authority (NPA) to seek adjustments to the price floor regime or a decision to reaffirm support for the policy.
Within the wider energy sector, opinions remain divided.
Some stakeholders are urging the NPA to remove the price floor in the deregulated downstream market to allow consumers to benefit from lower prices, while others argue that the policy is essential for ensuring fair competition and long-term industry sustainability.
The National Petroleum Authority has indicated its willingness to engage COMAC, noting that the chamber supported the price floor policy prior to its implementation.
