COPEC and COMAC Clash Over Star Oil's Fuel Price Advocacy

Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), has publicly criticized the treatment of Star Oil Limited following the company's advocacy for fuel price reductions. Amoah argues that the backlash against Star Oil highlights significant flaws in Ghana's petroleum pricing framework, particularly the current price floor policy, which he believes should be replaced with a price ceiling to better manage excessive pricing by oil marketing companies. He described the industry's reaction as unjust and harmful to Star Oil's corporate image, especially after the company suspended its membership in the Chamber of Oil Marketing Companies (COMAC) due to dissatisfaction with how its concerns were represented.

In response, Dr. Riverson Oppong, CEO of COMAC, denied allegations that the chamber is targeting Star Oil. He clarified that COMAC's policies aim to protect industry practices and ensure fair representation for all members. Dr. Oppong emphasized that the chamber is committed to constructive dialogue and is currently collaborating with the National Petroleum Authority to evaluate the effectiveness of the price floor policy. He announced that COMAC would issue a public statement to clarify its position and update stakeholders on ongoing discussions regarding compliance and pricing strategies.