COMAC to Hold Emergency Meeting on Fuel Price Floor Policy
The Chamber of Oil Marketing Companies (COMAC) is set to hold an emergency meeting on Today, January 21, 2026, to adopt a common position on the Petroleum Price Floor Programme amid growing divisions within the industry.
The meeting has become necessary following concerns raised by some members who support the policy and others who oppose it. The Chief Executive of COMAC, Dr. Riverson Oppong, disclosed this during a media interview.
“This is a big tug of war for all of us, even for consumers,” Dr. Oppong said.
He explained that the price floor policy goes beyond fuel pricing, as it also affects product quality and government revenue.
According to him, the Chamber’s official position on the programme will be made public after the emergency meeting.
Dr. Oppong expressed optimism that an amicable decision would be reached at the end of the deliberations, including discussions with the National Petroleum Authority (NPA) on the programme.
He noted that the decision to introduce a fuel price floor was taken collectively by industry players in consultation with regulators, including the NPA, to curb destructive price undercutting that could compromise fuel quality and harm consumers in the long term.
Dr. Oppong emphasised that the fuel price floor is not designed to guarantee profit margins for oil marketing companies, but rather to serve as a minimum benchmark to ensure fair competition and industry stability.
However, the Executive Secretary of the Chamber of Petroleum Consumers, Duncan Amoah, raised serious concerns about the policy, insisting that the NPA’s stance defeats the principles of the Price Deregulation Policy being championed by the regulator.
The NPA has, however, pushed back against calls to scrap the Fuel Price Floor Programme, maintaining that the policy remains necessary due to persistent unfair pricing practices in the downstream petroleum sector.
The Authority has argued that the market conditions that necessitated the introduction of the price floor have not changed, adding that pricing distortions continue to pose a threat to industry stability.
