OMCs Hold Fuel Prices Steady Despite Projected Changes
Some major Oil Marketing Companies (OMCs) have maintained prices of petroleum products at the pumps despite industry projections of marginal adjustments from August 16.
Market data released by the Chamber of Oil Marketing Companies (COMAC) last week indicated that petrol and liquefied petroleum gas (LPG) were expected to record slight increases, while diesel prices were projected to ease.
However, checks by Joy Business over the weekend showed that most OMCs left their pump prices unchanged. Industry sources attributed the move to competition, noting that the anticipated price shifts were not significant enough to trigger immediate adjustments. Some OMCs, however, hinted at possible revisions later in the week after monitoring market responses.
Currently, more than 200 OMCs operate in Ghana, with five firms controlling over half of the market. COMAC Chief Executive, Dr Riverson Oppong, explained that competition is expected to keep pump prices relatively stable in the short term.
Market checks revealed that Star Oil, the leading player, maintained its prices but withdrew earlier discounts offered at selected stations. Its outlets are selling petrol at GH¢11.97 per litre and diesel at GH¢13.45 per litre. Allied Petroleum, meanwhile, cut its petrol price by five pesewas to GH¢11.60 per litre.
Background
COMAC’s Pricing Outlook had projected that petrol prices would rise between 0.39% and 2.71% per litre, while LPG could increase by up to 2.34% per kilogram. Diesel was expected to decline by 0.72% per litre.
The chamber attributed the mixed projections to a slight depreciation of the cedi, which slipped from GH¢10.68 to GH¢10.77 against the US dollar, a 0.8% drop.
International oil price movements also played a role, with diesel prices falling by 5.22%, while petrol and LPG registered marginal increases of 1.89% and 2.87% respectively.
Some industry players have also argued that the recent GH₵1 levy on petroleum products has added pressure on pump prices.
