Some OMCs keep fuel prices unchanged despite projected increases

Some major Oil Marketing Companies (OMCs) have maintained petroleum product prices at the pumps despite industry projections of marginal changes from August 16.

Data released by the Chamber of Oil Marketing Companies (COMAC) last week indicated that petrol and liquefied petroleum gas (LPG) prices were expected to rise slightly, while diesel was projected to see a marginal drop.

However, checks by Joy Business revealed that most OMCs kept prices unchanged over the weekend. Industry sources explained that competition influenced the decision, as the projected increases were not significant enough to warrant immediate adjustments.

Some companies also hinted at possible revisions later this week after monitoring market trends.

Currently, more than 200 OMCs operate in Ghana, with about five controlling over 50 per cent of the market. COMAC Chief Executive, Dr. Riverson Oppong, said competition was likely to keep pump prices relatively stable in the short term.

Market checks showed that Star Oil, the market leader, has kept its prices unchanged but reversed discounts previously offered at some service stations.

All outlets are now selling petrol at GH¢11.97 per litre and diesel at GH¢13.45 per litre. Allied, on the other hand, reduced its petrol price by five pesewas to GH¢11.60 per litre.

Background

The COMAC Pricing Outlook projected petrol prices would rise between 0.39% and 2.71% per litre, with LPG increasing up to 2.34% per kilogram. Diesel, however, was expected to fall by 0.72% per litre.

The chamber attributed the mixed outlook to a slight depreciation of the cedi, which slipped from GH¢10.68 to GH¢10.77 to the US dollar, representing a 0.8% decline.

International market trends also played a role, with diesel prices dropping by 5.22% while petrol and LPG recorded marginal increases of 1.89% and 2.87% respectively.

Some industry players have further argued that the recent GH₵1 levy on petroleum products has contributed to pricing pressures at the pumps.

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