The Chamber of Petroleum Consumers (COPEC) Ghana has revealed that the quality of petroleum products remains the top priority for consumers in the Ghanaian market.
This preference for high-quality fuel surpasses other considerations such as pricing and quantity, underscoring the importance consumers place on fuel that ensures the longevity and performance of their vehicles.
The recent surge in market performance by the indigenous oil marketing company, Star Oil, highlights this trend. Star Oil has risen to become the second-largest seller of petroleum products by volume, surpassing industry giants like TotalEnergies and Shell, with only GOIL maintaining a higher market share.
Star Oil’s success has been largely attributed to its competitive pricing, but COPEC’s Executive Secretary, Duncan Amoah, emphasized that quality is the primary factor driving consumer choice.
“The number one concern as far as the consumer preference is concerned is always about the right quality. When you move from the right quality parameter, they will now look at the right price, and the third most essential is the right quantity,” Amoah explained during an interview with Joy Business. He further noted that even when other oil marketing companies (OMCs) offer lower prices, many consumers prefer brands like Star Oil and GOIL due to the assurance of quality, which protects their engines from potential damage.
Amoah described Star Oil’s rise as a positive development for the industry, as it fosters competition that ultimately benefits consumers. He also advised OMCs to prioritize fuel quality to maintain and strengthen their market positions.