Several major Oil Marketing Companies (OMCs) have kept petroleum product prices stable at the pumps, despite industry projections of marginal adjustments from August 16.
Last week, the Chamber of Oil Marketing Companies (COMAC) projected slight increases in petrol and liquefied petroleum gas (LPG) prices, alongside a marginal reduction in diesel. However, checks by Joy Business over the weekend showed that most OMCs maintained their prices. Industry sources attributed the move to competition, explaining that the projected changes were too minimal to trigger immediate adjustments. Some firms, however, signaled that revisions could be made later this week, depending on market trends.
Ghana currently has more than 200 OMCs, though five companies control over half of the market share. COMAC Chief Executive, Dr. Riverson Oppong, noted that competition would likely keep pump prices relatively stable in the short term.
Market checks revealed that Star Oil, the market leader, maintained its prices but withdrew discounts previously offered at select stations. Petrol is currently selling at GH¢11.97 per litre and diesel at GH¢13.45 per litre across all outlets. Allied, meanwhile, reduced its petrol price by five pesewas to GH¢11.60 per litre.
Background
According to COMAC’s Pricing Outlook, petrol prices were expected to rise between 0.39% and 2.71% per litre, with LPG projected to increase by up to 2.34% per kilogram. Diesel, on the other hand, was forecast to drop by 0.72% per litre
The chamber explained that the mixed outlook was partly due to the cedi’s 0.8% depreciation, slipping from GH¢10.68 to GH¢10.77 against the US dollar. International market dynamics also influenced projections, with global diesel prices declining by 5.22%, while petrol and LPG posted modest increases of 1.89% and 2.87% respectively.
Some industry players further argued that the recently introduced GH¢1 levy on petroleum products has added to pricing pressures at the pumps.
