The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC) has questioned the government’s delay in implementing fuel price relief measures, describing the move as appropriate but poorly timed.
Speaking on the issue, the COMAC CEO acknowledged that the government’s intention to cushion consumers against rising fuel costs is commendable. However, he argued that the delay in rolling out the intervention has reduced its potential impact, particularly at a time when Ghanaians have already endured prolonged periods of high fuel prices.
According to him, global crude oil prices and exchange rate pressures have, over the past months, significantly influenced domestic fuel pricing. While recent interventions may bring some relief, he noted that earlier action could have mitigated the burden on households and businesses more effectively.
He further explained that the petroleum pricing structure is highly sensitive to both international market trends and local economic conditions. As such, any delay in policy responses often translates into higher cumulative costs for consumers, especially transport operators and small businesses that rely heavily on fuel.
The COMAC CEO also highlighted concerns about predictability in the pricing regime, stressing that timely and consistent interventions are crucial for planning within the downstream petroleum sector. He urged authorities to adopt a more proactive approach in responding to market dynamics to prevent future shocks.
Despite the concerns, he expressed hope that the current relief measures will still provide some level of respite for consumers. He, however, emphasized the need for a long-term strategy aimed at stabilizing fuel prices and reducing the sector’s vulnerability to external shocks.
The remarks add to ongoing public debate about fuel pricing and government interventions, as stakeholders continue to assess the effectiveness and timing of policies designed to ease the cost of living.
