The Chamber of Oil Marketing Companies (COMAC) has pushed back against claims that fuel prices at the pump are not being adequately reduced in line with the appreciation of the cedi under Ghana’s deregulated pricing system.
In a press statement, the chamber described such assertions as misleading, arguing that fuel pricing in Ghana is governed by a complex formula, not solely dependent on exchange rate movements.
“The claim that ex-pump prices should automatically fall with the cedi’s appreciation is a misconception that ignores key operational realities,” the statement said.
Ghana’s deregulated petroleum pricing regime, overseen by the National Petroleum Authority (NPA), uses a structured Petroleum Pricing Formula to determine ex-pump prices.
According to COMAC, this formula includes three core components; ex- refinery prices, which are influenced by the global Free-On-Board (FOB) price of petroleum products, supplier premiums, and freight costs, statutory taxes and levies imposed by the government, operational margins necessary to ensure cost recovery for Oil Marketing Companies (OMCs) and Liquefied Petroleum Gas Marketing Companies (LPGMCs).
However, COMAC noted that while the recent appreciation of the cedi is a positive development, it is just one factor in a broader pricing equation.
The chamber also highlighted that OMCs and LPGMCs are operating on shrinking margins and often forego full cost recovery to invest in improved retail infrastructure, service delivery, and customer satisfaction.
Despite these challenges, COMAC affirmed that its members remain fully compliant with the NPA’s pricing transparency and regulatory guidelines, including public display of pump prices and adherence to the pricing window floor price.
