Ghanaian oil marketers face subsidy delays and rising fuel prices

Oil marketing companies (OMCs) in Ghana are facing financial challenges due to rising fuel costs and delays in government subsidy announcements. The Chamber of Oil Marketing Companies (COMAC) warned that delayed communication regarding subsidies can lead to losses amounting to millions of cedis. Dr. Riverson Oppong, CEO of COMAC, noted that companies often load petroleum products before a subsidy is announced, forcing them to absorb the price difference when the lower rate eventually takes effect.

Concurrently, pump prices have begun to rise for the second pricing window of September. Star Oil has increased petrol prices from GH¢15.17 to GH¢16.77 per litre and diesel from GH¢16.97 to GH¢17.77 per litre, citing higher international petroleum costs and the depreciation of the Ghana cedi. While some companies are adjusting immediately, others, such as GOIL, are currently assessing market developments and cost coverage requirements before making pricing decisions.