The National Petroleum Authority (NPA) says Oil Marketing Companies (OMCs) are free to reduce fuel prices at any time under the current deregulated pricing regime.
Abass Ibrahim Tasunti, Director of Economic Regulation and Planning at the NPA, said the downstream petroleum sector is fully competitive and allows companies to determine their own prices within the pricing window.
He explained that while companies can set their prices independently, they must maintain a uniform price across all retail outlets within the same network as required by Legislative Instrument 222.
According to him, the rule is linked to the Unified Petroleum Price Fund, which equalises the cost of transporting petroleum products across the country.
“The fund ensures that a consumer in Wa pays the same price as someone in Accra or Tema,” Mr Tasunti said, adding that Oil Marketing Companies therefore cannot charge different prices within the same brand network.
He noted that the NPA has gradually revised its pricing guidelines to encourage stronger competition in the sector.
Previously, OMCs were required to set a price at the start of the pricing window and maintain it until the window ended, even if market conditions changed.
However, since 2024, companies have been allowed to revise prices daily within the window, provided they notify the regulator in advance.
Mr Tasunti said the revised system allows companies to compete more effectively while ensuring stability and fairness in the fuel market.
