Despite industry forecasts predicting slight shifts in fuel prices from August 16, several major Oil Marketing Companies (OMCs) in Ghana have opted to keep prices at the pump unchanged.
Last week, data from the Chamber of Oil Marketing Companies (COMAC) projected a modest increase in petrol and liquefied petroleum gas (LPG) prices, while diesel was expected to see a slight reduction.
However, checks across the market over the weekend revealed that most OMCs maintained their previous pricing.
Industry insiders attribute this to competitive pressures, noting that the projected price changes were too marginal to trigger immediate adjustments.
Some companies also indicated they are monitoring the market closely and may revise prices later this week based on new trends.
Ghana’s downstream petroleum sector currently comprises over 200 OMCs, but just five dominate with more than 50% market share.
According to COMAC CEO Dr. Riverson Oppong, this intense competition is likely to keep pump prices relatively stable in the near term.
Market leader Star Oil, for instance, kept its prices unchanged but quietly discontinued previous discounts at certain outlets.
Currently, Star Oil sells petrol at GH¢11.97 per litre and diesel at GH¢13.45 per litre. Meanwhile, Allied reduced its petrol price slightly, trimming five pesewas to GH¢11.60 per litre.
According to COMAC’s Pricing Outlook, petrol prices were forecast to increase between 0.39% and 2.71% per litre, LPG up to 2.34% per kilogram, while diesel was expected to dip by about 0.72% per litre.
The mixed outlook is driven by both local and global market factors. The Ghanaian cedi depreciated slightly falling from GH¢10.68 to GH¢10.77 against the US dollar, a 0.8% drop.
On the international front, diesel prices fell by 5.22%, while petrol and LPG saw modest increases of 1.89% and 2.87% respectively.
Additionally, some industry stakeholders argue that the recent GH¢1 levy imposed on petroleum products is adding pressure to pump prices, making further adjustments more complex.
