The Chief Executive of the Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong, has revealed that prices of petroleum products will be reduced at the pumps from July 16, 2026.Dr. Oppong stated that the projection was based on current developments in the international market, as well as expectations of future market trends.He added, “Even if things should get out of hand, we may keep prices unchanged for the second pricing window of this month.”The Chief Executive of the Chamber of Oil Marketing Companies made the disclosure on PM EXPRESS Business Edition with host George Wiafe on July 9, 2026.“Another development that has helped with this projection is that the cedi has been fair over the past one month, and this could see prices go down by some significant margin,” Dr. Riverson added.Speaking on the programme, Dr. Riverson also rejected claims that oil marketing companies often delay reducing prices when market conditions warrant it, insisting that this would not be the case this time.On the recent price floor debate in the sector, the Chief Executive of the Chamber of Oil Marketing Companies said he fully supports the review, insisting that it was an industry decision.He said, “This regulatory action has indeed gone a long way to save many players in the industry.”Industry Price FloorThe National Petroleum Authority last month moved to reduce fuel price floors significantly, effective June 16, 2026, for the June 16 to 30 pricing window.The price floor for petrol was reduced from GH¢15.20 per litre during the first half of June to GH¢13.39 per litre. Diesel’s price floor was also reduced from GH¢15.49 to GH¢15.11 per litre.The regulator directed all industry players to comply with the revised price floors, meaning no oil marketing company is permitted to sell below the approved rates.The reductions came at a time when the government had ended its intervention policy aimed at cushioning consumers from rising crude oil prices on the international market.The Chief Executive of the Chamber of Oil Marketing Companies, Dr. Riverson Oppong, had earlier projected that fuel prices would decline again from July 16, based on prevailing developments in the international market.He cited several examples in the past where oil marketing companies moved quickly to implement expected price reductions within a pricing window.According to COMAC, the price reductions witnessed from July 1, 2026, were driven largely by falling crude oil prices and lower prices for refined petroleum products on the international market.The decline in crude oil prices during that period was also attributed to weaker Chinese imports, record high US oil exports, and continued releases from strategic petroleum reserves by member countries of the International Energy Agency (IEA).