The Chamber of Oil Marketing Companies (COMAC) has decided to maintain the petroleum price floor policy, at least for the time being.
The decision was reached at a board meeting held on Thursday, January 22, 2026. Confirming the outcome in an interview on Joy News, COMAC Board Chairman Gabriel Kumi said the policy remains necessary, but its success depends largely on strict enforcement by the National Petroleum Authority (NPA).
COMAC is therefore urging the regulator to ensure full compliance with the price floor, insisting that no oil marketing company should be allowed to sell petroleum products below the approved minimum prices.
Mr Kumi said the decision to retain the policy was unanimous, noting that while the downstream petroleum industry is constantly evolving, the current conditions justify keeping the price floor in place.
“For now, as the industry stands, we strongly believe that the policy should continue to exist. What we are calling for is proper implementation. If a price floor has been set, then the regulator must ensure that no company sells below it,” he stated.
He acknowledged concerns raised by Star Oil that some companies are already pricing below the approved floor, but stressed that the responsibility lies with the NPA to enforce the rules.
“The buck stops with the regulator. The main problem is that the policy is not being enforced properly,” he added.
The price floor is provided for under the 2024 Petroleum Products Pricing Guidelines and represents the minimum price set by the NPA. Under the guidelines, the regulator communicates the applicable price floors at the start of each pricing window, and petroleum service providers are required to comply. Breaches attract fines of up to GH¢5,000.
Since its introduction, the policy has been a source of contention within the industry, with critics arguing that it stifles competition and limits the potential for price reductions that could benefit consumers.
The debate intensified during the second pricing window of January, as renewed price competition emerged across the downstream sector.
Tensions escalated after Star Oil Chief Executive Officer, Philip Tieku, suggested that petrol could be sold at GH¢9.50 per litre between 10pm and 4am to support Ghana’s night-time economy, but for the constraints imposed by the price floor.
His comments prompted a response from the Managing Director of state-owned GOIL, Edward Bawa, who questioned calls for further price reductions when some companies were already selling above the regulated floor price of GH¢9.80 per litre for petrol (PMS) in the current pricing window.
These differing views on pricing and competition led COMAC to convene its board meeting to review the price floor policy and other industry concerns.
However, ahead of the meeting, Star Oil announced on Wednesday, January 21, that it had suspended its membership of COMAC with immediate effect, citing dissatisfaction with how the Chamber had handled opposition to the policy.
Star Oil maintains that its position on removing the price floor has not been clearly articulated or adequately communicated by COMAC, both internally and publicly, leading to perceptions that its stance is anti-competitive.
Despite the developments, COMAC says it has begun engagements with Star Oil and remains confident the company will rejoin the Chamber as efforts continue to build consensus within the industry amid growing competition and pricing pressures.
“At the end of the day, Star Oil will come back,” Mr Kumi said.
