Energy expert Samson Addae has described Star Oil Limited’s decision to suspend its membership of the Chamber of Oil Marketing Companies (COMAC) as a bold and principled move, stressing that the company’s operations and market strength are unlikely to be affected.
Speaking on Plan B FM’s “Ebaanosen” programme with host Ohene Kinnah, Addae said the move reflects truthfulness, accountability, and corporate independence, particularly in an industry where differing policy views are often muted.
Star Oil, Ghana’s leading indigenous oil marketing company, announced the indefinite suspension of its COMAC membership in a press statement released on Wednesday, noting that the decision was taken after careful consideration.
The company explained that although it has been a long-standing and active member of COMAC and its largest financial contributor recent developments within the chamber no longer aligned with its core principles. Star Oil said its participation in COMAC had always been based on the expectation of fair representation, inclusiveness, and respect for divergent but constructive policy views.
However, according to the company, these principles have been undermined, prompting a reassessment of its continued association with the chamber.
At the centre of the disagreement is COMAC’s public position on the petroleum price floor, a regulatory policy that has divided industry players. Star Oil reiterated its long-standing call for the abolition of the price floor, arguing that it restricts competition and distorts market efficiency.
The company expressed concern that its position had not been fairly represented, particularly during recent media engagements by COMAC’s Chief Executive. It noted that the lack of balanced communication had fuelled negative public perceptions, wrongly portraying Star Oil’s stance as anti-competitive or driven by improper motives.
Star Oil described such insinuations as unfair and damaging to its corporate reputation, especially given its decades-long contribution to the downstream petroleum sector.
Commenting on the broader impact, Samson Addae said the development could open up more honest conversations around pricing reforms in the sector. He further projected that fuel prices could decline further in the coming weeks, citing the continued appreciation of the Ghanaian cedi against major trading currencies.
According to him, a stronger cedi combined with market-driven pricing could bring relief to consumers if industry players are allowed to operate within a transparent and competitive framework.
By: Bernard Mensah/Planbfmonline.com
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