The government has not indicated any plans to introduce a subsidy on petrol, according to the Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong.
His comments come amid growing concerns over rising fuel prices and discussions between key players in the downstream petroleum sector and the Ministry of Energy.
The meeting focused on possible measures to reduce the impact of rising fuel prices on consumers. However, Dr. Oppong said the issue of a petrol subsidy was not discussed.
Speaking during an interview on Monday, September 14, he said stakeholders were not given any indication that the government was considering such an intervention.
“For Petrol, today in the meeting with the Ministry, nothing of that sort came up,” he said.
Dr. Oppong noted that the government’s existing GH¢2-per-litre intervention on diesel remains in place as part of efforts to cushion consumers from rising fuel costs.
He also warned that uncertainty over fuel subsidies could create financial difficulties for oil marketing companies (OMCs).
According to him, problems may arise when a government intervention is announced after OMCs have already purchased and transported fuel at higher prices.
He explained that such delays could result in some companies absorbing losses on products they bought before the subsidy or price intervention took effect.
Meanwhile, fuel prices are expected to increase further in the coming days.
Dr. Oppong had earlier projected that pump prices could rise by between 10 and 15 per cent from Wednesday, September 16, due to developments in the international oil market and other factors affecting the domestic fuel market.
