NPA to Discuss Fuel Price Floor Policy with COMAC Amid Industry Concerns

The National Petroleum Authority (NPA) is set to engage the Chamber of Oil Marketing Companies (COMAC) regarding the implementation of a fuel price floor policy outlined in the 2024 Petroleum Product Pricing Guidelines. This initiative, which aims to stabilize the petroleum market and protect consumers from price undercutting, has garnered mixed reactions from industry players. While most oil marketing companies support the policy, one company has expressed opposition. NPA's Director of Economic Regulation, Abass Tasunti, emphasized that the policy is essential for ensuring a sustainable supply of petroleum products. Non-compliance with the price floor could result in penalties of up to GHS5,000. A meeting scheduled for January 21 will allow COMAC to adopt a unified stance on the pricing program, highlighting the importance of collaboration in addressing industry challenges.