Selling fuel below floor price endangers petroleum sector - COMAC CEO
26th January 2026
The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr Riverson Oppong, has expressed concern over the sale of petroleum products below the approved floor price, describing the practice as troubling and potentially harmful to both consumers and the downstream petroleum industry.
Speaking on Onua FM, Dr Oppong explained that the fuel price floor was introduced to protect consumers and ensure stability within the sector, dismissing claims that the policy was designed to exploit the public.
“As an organisation, we have no intention of short-changing Ghanaians through the price floor. Nearly all Oil Marketing Companies approved of the policy,” he stated.
He noted that any Oil Marketing Company (OMC) found selling fuel below the regulated floor price is reported to the National Petroleum Authority (NPA) for investigation. He added that the policy has been in place for close to two years and should not be a subject of public controversy.
“The price floor has existed for almost two years. It is unfortunate that it has suddenly become a major public issue, because ideally it should not be openly debated,” he said.
Dr Oppong attributed the practice of undercutting prices to intense competition within the industry, noting that some companies deliberately sell below the floor price to attract customers.
“There are over 200 marketing companies operating in the country, and competition is very stiff. Some companies go below the floor price simply to survive,” he explained.
Reacting to Star Oil’s recent withdrawal from COMAC, Dr Oppong said the association does not control how individual members price their products.
“We do not determine how our members sell their fuel. Perhaps Star Oil has a strategy that allows it to sell below the floor price; that is something they can explain themselves,” he remarked.
He stressed that the exit of any company from COMAC does not weaken the regulatory framework governing the sector.
“Whether a company leaves or stays, regulation remains necessary. Star Oil is not even the cheapest on the market. Several companies have left COMAC in the past and later returned. Even GOIL exited at one point and eventually came back,” he added.
Dr Oppong reaffirmed COMAC’s commitment to upholding the fuel price floor, while acknowledging the need to fine-tune certain aspects of its implementation.
“The decision of the board is to maintain the price floor but review some of the parameters guiding its application. Our goal is to protect both consumers and the industry in line with NPA regulations,” he concluded.