The Chamber of Oil Marketing Companies (COMAC) is set to hold an emergency meeting today to adopt a common position on the Petroleum Price Floor programme.
The meeting has become necessary following concerns by some members of the Chamber who are for the policy and those against.
The Chief Executive of COMAC, DrRiversonOppong disclosed this to Joy Business on Business Live yesterday said “This is a big tug of war for all of us, even for consumers.”
He also stated that the price floor was not just about prices, but product quality issues, adding, it also impact the government’s revenue.
He disclosed that the Chamber’s position would be made known after the emergency meeting.
DrRiverson was, however, optimistic that an amicable position or decision would be reached at the end of the meeting as well as the meeting with the National Petroleum Authority on the programme.
He explained that the decision to introduce a price floor was taken collectively by industry players in consultation with regulators, including the NPA to curb destructive price undercutting that could compromise fuel quality and harm consumers in the long run.
MrOppongemphasised that the fuel price floor was not designed around profit margins for oil marketing companies, but rather served as a minimum benchmark.
Speaking on the same programme, the Executive Secretary of the Chamber of Petroleum Consumers, Duncan Amoah, raised serious concerns about the programe, insisting that the stance of the NPA defeated the whole Price Deregulation Policy, being championed by the regulator.
The NPA has pushed back against calls to remove the Fuel Price Floor Programme, insisting the policy remains necessary due to persistent unfair pricing practices in the downstream petroleum sector.
The Authority has maintained that the market conditions that compelled the introduction of the price floor have not changed. It argues that pricing distortions continue to threaten industry stability.
The Director of Economic Regulation and Planning at the NPA, AbassTasunti, said the regulator remained cautious about any decision that could destabilise the sector.
According to him, the NPA was mindful of the industry it regulates and does not intend to take steps that could plunge it into crisis.
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