Oil marketing company GOIL has reduced fuel prices at its service stations across Ghana, following a similar move by rival Star Oil.
In a social media post on Tuesday, March 17, 2026, GOIL announced that petrol prices have dropped to GH¢12.28 per litre, down from GH¢12.40, while diesel now sells for GH¢14.98 per litre, reduced from GH¢15.69. The reductions took effect from 2:00 pm.
The company said the move was influenced by President John Dramani Mahama’s commitment to easing the cost of living amid ongoing Middle East tensions. “GOIL is pleased to announce a reduction in our ex-pump prices,” the firm stated, adding that the adjustment reflects its dedication to delivering value to customers while remaining competitive in the market.
Earlier today, Star Oil announced a similar reduction, lowering petrol prices to GH¢12.29 per litre from GH¢12.49 and diesel to GH¢14.99 per litre from GH¢15.99. This marks the third price adjustment by Star Oil since March 15, 2026.
Industry reactions
Market observers suggest GOIL’s move is a reaction to Star Oil’s earlier reductions, with some describing the situation as a growing price war between Ghana’s two leading oil marketing firms. Analysts say the competitive environment may extend beyond fuel prices to include other service offerings as companies seek to attract customers.
There is potential for further reductions in the coming weeks. According to the latest government price floor for the second pricing window of March, petrol cannot be sold below GH¢11.57 per litre and diesel below GH¢14.35 per litre, leaving room for additional downward adjustments.
The developments signal an increasingly competitive fuel market, with both GOIL and Star Oil vying to provide value and maintain market share amid economic pressures.