The Chamber of Oil Marketing Companies (COMAC) will convene an emergency meeting on Wednesday, January 21, 2026, to adopt a unified position on the Petroleum Price Floor Programme, amid growinginternal disagreements over the policy.
The meeting follows concerns from sections of the Chamber, with some members backing the price floor while others are pushing for its removal. Acknowledging the divisions, COMAC officials say the issue has implications not only for industry players but also for consumers.
“This is a big tug of war for all of us, even for consumers,” a senior member of the Chamber, Dr. Oppong, noted.
He explained that the price floor debate extends beyond pump prices, stressing that the policy also touches on fuel quality and government revenue considerations. According to him, the Chamber’s official position will be communicated after the emergency meeting.
Dr. Riverson, however, expressed optimism that consensus could be reached, both at the level of the Chamber and in subsequent engagements with the National Petroleum Authority (NPA) on the programme.
He explained that the decision to introduce a fuel price floor was originally taken collectively by industry players, in consultation with regulators including the NPA, as a response to destructive price undercutting. Such practices, he said, posed risks to fuel quality and could ultimately harm consumers.
Mr. Oppong further emphasised that the fuel price floor is not structured around profit margins for oil marketing companies, but rather serves as a minimum benchmark to promote fair competition and protect the integrity of the downstream petroleum market.
Meanwhile, the NPA has firmly resisted calls for the removal of the Fuel Price Floor Programme, insisting that the policy remains necessary. The Authority maintains that the market conditions that led to the introduction of the price floor have not materially changed and that pricing distortions continue to threaten industry stability.
The Director of Economic Regulation and Planning at the NPA, Abass Tasunti, said the regulator remains cautious about any decision that could destabilise the downstream petroleum sector.
According to him, the NPA is fully aware of the fragility of the industry and does not intend to take steps that could plunge the sector into crisis.