The Chamber of Oil Marketing Companies (COMAC) has stated that it respects the right of its members to take independent decisions regarding their participation in the Chamber, following Star Oil Limited’s decision to suspend its membership.
Star Oil, in a statement issued on Wednesday, January 21, announced its indefinite self-suspension from COMAC, a move that has heightened tensions between the oil marketing firm and the industry body, of which it has been a prominent member.
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.
According to Star Oil, the decision to suspend its membership was not taken lightly, but recent developments compelled the company to reassess its continued participation in the Chamber.
In response, COMAC, in a statement released on Thursday, January 22, said it acknowledges the public statements surrounding Star Oil’s self-suspension and reiterated its commitment to its mandate.
“COMAC acknowledges recent public statements regarding the self-suspension of the membership by one of our members. COMAC respects the rights of its members to make independent decisions about their participation in the collective goal of the Chamber,” the statement said.
The Chamber emphasised that despite Star Oil’s decision, it remains united and focused on representing the interests of its members and protecting consumers.
“That notwithstanding, COMAC remains strong, united, and unwavering in its commitment to representing the collective interests of its members, protecting consumers, and promoting sustainable growth and development of the industry for the ultimate benefit of the general public,” it added.
COMAC further assured stakeholders and the general public that it would continue to engage with industry regulators and relevant stakeholders to address challenges affecting the implementation of policies within the sector, while operating in line with its established principles to promote fairness, inclusiveness, and transparency.
