The Chamber of Oil Marketing Companies (COMAC) has issued a warning to Bulk Distribution Companies regarding the artificial inflation of fuel prices, indicating that such actions contravene the nation’s petroleum pricing policy.
The Executive Secretary of the chamber, Riverson Oppong, noted that certain activities in the downstream petroleum sector, such as artificial product hauling and preferential selling, could disrupt fuel prices and adversely affect consumers.
Speaking in an interview, Dr. Oppong emphasised that any market price adjustments should adhere to the official pricing framework rather than be driven by speculative behaviour.
He cautioned that efforts by some industry participants to manipulate supply or prices could jeopardise government initiatives aimed at protecting consumers from fuel price fluctuations.
“We operate on a two-week pricing window. This week, we have a pricing window that concludes on Wednesday, and the selling window will commence on March 16. All products that have been imported were brought in prior to the conflict. Therefore, it is concerning when BDCs raise prices to the OMCs,” he stated.
Dr. Oppong acknowledged that while the chamber had anticipated a two to three per cent rise in fuel prices even before the conflict, the current observed increases are excessive.
“Although the chamber had forecasted a two to three per cent rise in fuel prices prior to the war, an increase from seven per cent to nine per cent within a selling window is unacceptable,” he remarked.
He explained that the current fuel pricing window had already been established before recent geopolitical events that could affect global oil prices.
“However, the artificial hauling of products and the artificial inflation of prices, along with preferential selling by certain BDCs, are not genuine and violate the country’s pricing policy. We must exercise caution regarding this,” he stated in an interview monitored by The Ghana Report on the Citi Breakfast Show.
“Otherwise, while the government may reduce some taxes, BDCs will continue to complicate matters for us,” he concluded.
Dr. Oppong further explained that the current pricing window, which began in the first week of March, was set before the escalation of tensions in the Middle East.
“If there should be any effect on pricing based on how prices are formulated to the BDCs, that should take effect from March 16. That is when we expect to see the price adjustments in the country,” he said.
