COMAC boss blasts gov’t interference in fuel pricing, demands full deregulation

Dr. Riverson Oppong, the CEO of the Chamber of Oil Marketing Companies (COMAC), has criticized government involvement in Ghana's fuel pricing system, calling for complete deregulation. His statements come as the government continues to subsidize diesel amid increasing international oil prices, making price interventions a significant aspect of the downstream petroleum market.

Dr. Oppong emphasized that the oil marketing industry has always advocated for full deregulation, as private businesses manage their finances to operate. He questioned the government's role in dictating prices for private enterprises in a supposed free-market economy. "A private business, I borrow money to run the business. Who decides what I charge for my goods, a cap, a ceiling, and all those things?

We are a free market economy," he explained. Although some elements of the pricing structure have been deregulated, Dr. Oppong noted that government interventions still persist. "There are aspects of the price builder today that are not fully deregulated. We still have government interventions," he affirmed, citing the subsidies on fuel as proof of continued government interference.

Dr. Oppong identified government interference as one of the most significant challenges he has encountered since assuming his current position. He also expressed doubt about the expanding oil marketing sector, questioning why applicants for an oil marketing company license should be allowed, given the already substantial number of players.