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Fuel pricing norm broken as market turns ‘radically volatile’ – COMAC CEO
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News – MyJoyOnline
Speaking on JoyNews’ PM Express Business Edition on Thursday, Dr Oppong said recent developments in the global oil market, triggered by the conflict involving the United States and Iran, have disrupted the normal fuel pricing pattern.
He recalled that when the conflict began, OMCs initially resisted increasing pump prices even as bulk distribution companies faced rising costs.
Dr Oppong pointed to the sharp swings in global crude oil prices as evidence of the uncertainty confronting the industry.
He questioned why consumers have not seen pump prices fall at the same pace as international oil prices.
The COMAC CEO also raised concerns about whether Ghana’s current pricing framework remains suitable under such volatile conditions.