The Chamber of Oil Marketing Companies (COMAC) has called for a comprehensive clean-up of Ghana’s downstream petroleum sector, insisting that the ongoing debate over the price floor should not distract from deeper structural and regulatory challenges facing the industry.
In its January 2026 article shared with Citi News on Sunday, January 25, COMAC acknowledged that the petroleum price floor has helped enforce a degree of stability in the market but stressed that it is not a cure-all for the sector’s long-standing problems.
According to the Chamber, Ghana’s downstream petroleum industry requires decisive regulatory reforms focused on compliance, effective monitoring and long-term sustainability, rather than an overreliance on price controls alone.
“The price floor has enforced stability in the industry, but it is not a cure-all,” COMAC stated. “By reframing the discourse around compliance, monitoring, and sustainability, rather than price controls alone, the industry can secure government revenue, protect consumers, and build a resilient future.”
COMAC argued that the real priority should be a comprehensive clean-up of the sector to allow compliant oil marketing companies to operate on a level playing field.
The Chamber estimates that about 15 percent of petroleum volumes are handled by non-compliant operators, a situation it says undermines competition, weakens regulatory discipline and threatens government revenue.
Without addressing these structural weaknesses, COMAC warned that the price floor would remain only a temporary stabiliser rather than a sustainable solution to pricing volatility and market distortions.
On licencing, the Chamber described the current regime as misaligned with the evolved structure and risk profile of the downstream sector. It revealed that at least 53 non-operational oil marketing companies and LPG marketing companies still hold active licences despite failing to lift products consistently.
“This distorts competition and weakens regulatory discipline,” the article noted.
COMAC is therefore recommending the revocation of licences for non-operational marketers that fail to lift products consistently for six months, alongside the introduction of stricter entry requirements. These include proof of financial capacity and a verifiable compliance history before new licences are granted.
The Chamber also called for stronger and smarter enforcement by the regulator. It proposed a graduated sanctions framework that goes beyond fines, starting with formal warnings and compliance training for first-time offenders, followed by punitive monetary penalties, temporary licence suspensions and, ultimately, permanent licence revocation with public disclosure for persistent violators.
In addition, COMAC urged the National Petroleum Authority to conduct periodic reviews of the deregulation policy, deepen structured stakeholder consultations and deploy digital monitoring tools such as effective Automatic Tank Gauging systems to track compliance in real time.
Beyond regulation, COMAC highlighted structural challenges of market saturation and concentration in the downstream sector. It noted that while the market is crowded, dominance is highly concentrated, with about 30 percent of players controlling more than 70 percent of total volumes.
This imbalance, the Chamber said, fuels aggressive price competition, compresses margins and threatens the survival of smaller operators. As a result, COMAC is advocating for an aggressive merger and consolidation framework to streamline the industry and phase out operators that do not meet the required standards.
“The path forward is clear: clean up the sector, strengthen enforcement, scrap dormant licences, and let compliant competition thrive,” COMAC stated.
The Chamber maintained that only through these reforms can Ghana’s petroleum industry deliver sustainable value to government, consumers and investors, even as debates over the price floor policy continue within the sector.
Meanwhile, COMAC has resolved to maintain the petroleum price floor policy, at least for the time being.
The decision was taken at a board meeting held on Thursday, January 22, 2026. Board Chairman of COMAC, Gabriel Kumi, confirmed the outcome in an interview on Joy News, stressing that while the policy remains, its effectiveness depends on strict enforcement by the National Petroleum Authority (NPA).
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