COMAC Calls for Total Fuel Price Deregulation

The Chamber of Oil Marketing Companies (COMAC) has renewed its push for the total removal of state control over fuel pricing in Ghana.

Chief Executive Officer Dr Riverson Oppong argues that the current partial deregulation leaves private firms operating in a constrained environment, despite years of advocacy for a completely free market.

He points to the continued government subsidy of diesel as evidence that the state still shapes the final price paid by consumers, even as global oil markets climb.

"When I borrow money to run my business, who decides the price I charge?" Oppong asked, emphasizing that private operators should set rates without artificial caps.

While some elements of the pricing formula have been liberalised, Oppong stresses that lingering government interference – especially through subsidy mechanisms – prevents true market determination.

He warned that such interference discourages investment and creates uncertainty for the 245 licensed oil marketing firms competing for a shrinking consumer base.

COMAC also urged the Finance Ministry to halt the implementation of Section 136 of the Customs Act, which the group says adds unnecessary regulatory pressure.

The association highlighted a sharp rise in fuel consumption – 12.24% year‑on‑year to 4.06 billion litres in the first half of 2026 – as a sign of growing demand that cannot be met under a fragmented pricing system.

Oppong questioned the continued entry of new operators into a market already saturated with competitors, suggesting that many lack understanding of the sector’s realities.

He called for a freeze on fuel taxes to relieve cost burdens on consumers while the sector moves toward a fully deregulated framework.

COMAC maintains that a genuine free‑market approach will stabilise prices, protect private businesses, and ensure that subsidies are no longer used to mask underlying market distortions.