Dr. Riverson Oppong, the CEO of the Chamber of Oil Marketing Companies (COMAC), predicts that starting on July 16, 2026, petroleum product prices will drop at the pump.
According to Dr. Oppong, the anticipated price decrease is motivated by anticipated trends and recent events in the global market. He pointed out that prices are anticipated to be the same at worst for the second pricing window in July, even if the state of the world deteriorates.
Dr. Oppong continued on JoyNews’ PM Express Business Edition, “Another development that has helped with this projection is that the cedi has been fair over the past one month, and this could see prices go down by some significant margin.”
The head of COMAC also denied accusations that oil marketing firms purposefully postpone cutting pump prices when consumer-friendly market conditions exist, insisting that cuts will happen quickly.
In response to the current controversy surrounding the National Petroleum Authority’s (NPA) industry pricing floor, Dr. Oppong stated that he supported the policy, characterising it as an essential industry choice that has safeguarded several sector participants.
The NPA drastically lowered the regulation pricing floors as of June 16, 2026.
Diesel prices decreased from GH15.49 to GH15.11 per litre, while the minimum price for petrol was reduced from GH15.20 to GH13.39 per litre. No oil marketing business is legally allowed to sell its goods for less than these set prices under the directive.
The chamber says that a drop in the price of refined products and crude oil globally has contributed significantly to the fuel price fall that started on July 1, 2026.
Weaker Chinese oil imports, record-high U.S. oil exports, and continuous strategic petroleum reserve releases by International Energy Agency (IEA) member states have all been blamed for this decline in the global market.
Source: newsthemegh.com