Speaking on Joy Prime on Monday, January 19, 2026, Mr Oppong said COMAC has, over the years, consistently explained how petrol and diesel prices are determined, based on prevailing market indicators.

He stressed that fuel prices are not arbitrarily set by oil marketing companies but are driven by broader industry dynamics.

“Every consumer would obviously want to pay far lower prices for petroleum products because fuel is an engine that supports the economy of any country,” he said.

“However, if you look at past fuel price figures, we have been very consistent as a chamber in explaining how prices of petrol and diesel should be.”

Mr Oppong explained that the decision to introduce a price floor was taken collectively by industry players in consultation with regulators, including the National Petroleum Authority (NPA), to curb destructive price undercutting that could compromise fuel quality and harm consumers in the long run.

According to him, Ghana currently has more than 200 oil marketing companies operating in the downstream sector, creating intense competition that can sometimes become unhealthy.

“Competition for survival becomes a problem when companies begin selling products at any price just to stay in business,” he explained. “We have seen periods in this country where some players sold fuel at arbitrary prices simply to survive.

“As a consumer, would you be happy if someone brings a product below the acceptable price, just to sell, even if the quality is questionable?”

Mr Oppong emphasised that the fuel price floor is not designed around profit margins for oil marketing companies, but rather serves as a minimum benchmark.

“The floor price does not include the margins of oil marketing companies. It is simply the ex-refinery price plus taxes and levies,” he clarified. “Operational costs and dealer margins are not factored into that floor price.”

He noted that some large oil marketing companies are able to sell fuel at relatively lower prices due to economies of scale and operational efficiency.

“For example, a company like Star Oil, which is one of the leading oil marketing companies in terms of volume, has the capacity to sell at competitive prices because of its volume advantage and operational efficiency,” he said. “They are able to make up margins through scale.”

Mr Oppong added that no company is currently selling fuel at the floor price itself.

“As of today, no one is selling at the floor price itself. All companies are selling above it,” he stated.

He disclosed that further engagements are underway with the NPA to review the current framework and strike a balance between affordability, quality and industry sustainability.

“We are starting negotiations and discussions with the NPA this week to come to a better conclusion on the way forward,” he said. “At the end of the day, we are here for consumers — to ensure both quality and value for money.”

This is based on the outlook report that guides the pricing of the Oil Marketing Companies (OMCs) in the country by the Chamber of Oil Marketing Companies (COMAC), as seen by JOY BUSINESS.

Projected Prices at Pumps

Based on the report, the price of petrol at the pumps is projected to increase by 3.86 – 5.40% per litre from September 1, 2025. The development could result in a litre of petrol going for GHS 13.67.

LPG will be increased by up to 4.57% per kilogram.

Diesel, on the other hand, could be up by 3.39% per litre, and this may result in a litre going for GHC14.35.

Reasons

According to the COMAC, the hike has been influenced by the cedi experiencing some substantial depreciation against the US dollar over the past month.

According to the chamber, the rate shifted from GHS 10.71 to GHS 11.20, reflecting 3.98 per cent, the “highest since the start of this year”.

The Chamber of Oil Marketing Companies, however, in the report revealed that crude oil on the international market has been dropping; the price of petrol was down by 0.45%, diesel by 3.73%, and LPG by 1.73%.

Some of the industry players have argued that the recent 1 cedi levy on some petroleum products may have also contributed to the margin of increase.

Cedi’s Depreciation and Supply Challenges

The Chamber in the report argued that despite the reduction in international petroleum prices, the increment was “due to depreciation of the cedi against the dollar.”

Additionally, the recurring shortfall in supply of finished petroleum products, particularly petrol from earlier this month, also accounted for the increase in prices.

JOY BUSINESS reported last week that the market had been hit with some supply challenges, especially when it comes to petrol.

That actually forced some of the oil marketing companies to increase their prices from the middle of August 2025, when prices should have been kept unchanged.