OMCs: Fuel Price Hikes Premature (Gov’t Says Stocks Safe, Focus on Price Not Supply)
Oil marketing companies (OMCs) in Ghana are worried that bulk fuel distributors (BDCs) are raising prices too soon. They point out that the petroleum products that are currently on the market were brought in before the Middle East conflict and should not yet reflect the costs of war. Dr. Riverson Oppong, the CEO of the Chamber of Oil Marketing Companies (COMAC), said that Ghana’s bi-weekly pricing cycle means that any changes in global prices will not take effect until March 15. He also said that fake price increases hurt the country’s pricing policy. Dr. Yussif Sulemana, an energy analyst at the Ministry of Energy, confirmed that Ghana has five to six weeks’ worth of fuel stocks. This could last up to ten weeks with new shipments. He stressed that the main concern is price, not supply. He said that the government is keeping an eye on what’s happening around the world and could use market forces, subsidies, or better local refining and storage—such as bringing back the Tema Oil Refinery—to keep fuel prices down.
