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 intervention in Ghana’s fuel pricing system, advocating for complete deregulation. His stance emerges as the government continues to subsidize diesel amid surging international oil prices, with price regulations remaining a central issue in the downstream petroleum market.

Dr. Oppong emphasized that the oil marketing industry has consistently advocated for full deregulation because these businesses are private entities responsible for funding their operations. He questioned the government's role in determining the pricing of private companies' products in a supposedly free-market economy, asserting that private businesses should not have their goods' prices dictated by an external government hand.

While acknowledging some components of the pricing structure have been deregulated, Dr. Oppong noted that government interventions persist. He pointed to the government's decision to subsidize fuel as evidence of ongoing interference in the sector. Dr. Oppong highlighted this subsidy as a clear example of government intervention.

He expressed frustration over government interference, which he believes poses one of the most significant challenges since assuming his current role. Furthermore, Dr. Oppong questioned the rationale behind the expansion of the oil marketing sector, suggesting that the current number of players is already sufficient. He contended that applicants for oil marketing company licenses either lack understanding of the business or have ulterior motives, given the ample opportunities already available.