The Chamber of Petroleum Consumers (COPEC) is urging authorities to reconsider Ghana’s price floor policy in the downstream petroleum sector, citing ongoing fuel price competition as proof that a freer market better serves consumers.
This follows a sharp pricing battle between Star Oil and GOIL during the second pricing window of March, with both firms repeatedly adjusting pump prices in quick succession to outdo each other.
COPEC argues that such rivalry demonstrates how deregulation can drive efficiency and lower costs, allowing consumers to benefit from competitive pricing without regulatory constraints.
Its Executive Secretary, Duncan Amoah, noted that several oil marketing companies—including Zen, JP, and PETROSOL—have contributed to keeping prices competitive, even amid global pressures.
He maintained that the current environment shows market forces are capable of delivering value, adding that removing the price floor entirely would deepen competition and further reduce prices for consumers.
Despite geopolitical tensions influencing global fuel costs, COPEC insists local competition has cushioned consumers and should be encouraged rather than restricted.
For the second pricing window of March, the minimum selling prices were pegged at GH¢11.57 per litre for petrol, GH¢14.35 for diesel, and GH¢10.67 for LPG—thresholds COPEC believes should be scrapped to allow full market flexibility.
