The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr Riverson Oppong, has dismissed claims of division within the industry body following Star Oil Limited’s decision to suspend its membership of the Chamber.
Star Oil’s move comes days after a public exchange on social media between the Chief Executive Officer of GOIL, Edward Bawa, and Star Oil’s Chief Executive, Philip Tieku, over the petroleum price floor policy.
Speaking on Eyewitness News on Citi FM, Dr Oppong said the disagreement should not be interpreted as a sign of fragmentation within COMAC, noting that divergent views are a natural feature of a competitive downstream petroleum market.
According to him, robust debate among oil marketing companies reflects the diversity of commercial interests within the sector rather than a breakdown in industry cohesion.
His comments follow Star Oil’s decision to suspend its membership of COMAC, citing dissatisfaction with the Chamber’s handling of its opposition to the price floor policy outlined in the Petroleum Pricing Guidelines.
“I can tell you boldly that there is no division. Do not confuse the war between the two giants and the chamber’s perspective. The chamber is not made up of only two members. So the top two fights are expected in every industry.
“I mean, go to any sector. When Total and Shell were the top two, did you see any fight between Total and Shell? We are happy that a local company today is the number one leading company. Everybody in Ghana will be happy. But when there is a fight on price, it is one of the major driving forces for market surge so this is expected. This has nothing to do with what the chamber decision is,” he said.
Meanwhile, COMAC is expected to hold a board meeting on Thursday, January 22, to forge a unified position on the price floor policy. Star Oil’s suspension is expected to feature prominently on the agenda as the Chamber seeks to manage internal differences and present a consolidated stance ahead of further engagement with the regulator.
