Some major Oil Marketing Companies (OMCs) have chosen to maintain petroleum product prices at the pumps despite earlier projections of slight adjustments from August 16.
Data from the Chamber of Oil Marketing Companies (COMAC) last week suggested a possible increase in petrol and liquefied petroleum gas (LPG) prices, while diesel was expected to record a small decline.
However, market checks by Joy Business over the weekend indicated that most OMCs kept their prices unchanged. Industry insiders explained that stiff competition influenced the move, as the anticipated adjustments were too minimal to trigger immediate price changes.
Some OMCs also signaled that they may review pump prices later this week depending on how market trends develop.
At present, Ghana has over 200 OMCs, with about five companies controlling more than 50 per cent of the market. COMAC Chief Executive Dr. Riverson Oppong noted that “competition is expected to keep pump prices relatively stable in the short term.”
Market monitoring further revealed that Star Oil, the leading player, kept prices unchanged but removed discounts previously offered at certain service stations. Currently, all its outlets are selling petrol at GH¢11.97 per litre and diesel at GH¢13.45 per litre. In contrast, Allied reduced its petrol price by five pesewas, now selling at GH¢11.60 per litre.
The COMAC Pricing Outlook projected that petrol prices would increase between 0.39% and 2.71% per litre, with LPG climbing up to 2.34% per kilogram. Diesel, on the other hand, was expected to decline by 0.72% per litre.
The chamber linked the mixed forecast to the cedi’s slight depreciation, slipping from GH¢10.68 to GH¢10.77 to the US dollar, representing a 0.8% fall. Global market factors also played a part, with diesel prices dropping by 5.22%, while petrol and LPG recorded marginal increases of 1.89% and 2.87% respectively.
Industry analysts further argued that the recently introduced GH₵1 levy on petroleum products has added to pricing pressures at the pumps, limiting the ability of OMCs to adjust rates as projected.
