Price competition among major oil marketing companies appears to be heating up, as Star Oil has reduced fuel prices at the pumps, even as GOIL moves in the opposite direction with upward adjustments.
Star Oil has lowered the price of petrol from GH¢12.49 to GH¢12.29 per litre, while diesel has dropped from GH¢15.99 to GH¢14.99 per litre. In a notice to its service stations, the company directed managers to implement the new prices from the morning of March 17, 2026.
The latest adjustment marks another shift in Star Oil’s pricing strategy within a short period, following multiple reviews since mid-March. The company had earlier increased prices over the weekend, a move industry sources say was aimed at managing heightened demand ahead of a scheduled pricing window.
Subsequent revisions on March 16 and March 17 suggest a rapid response to evolving market conditions, including competitive pressures. In contrast, GOIL, the second-largest player in the downstream petroleum sector, has increased its prices at the pumps.
According to a social media update by the company, petrol prices have gone up from GH¢11.57 per litre recorded on March 15 to GH¢12.40, while diesel has risen from GH¢14.35 to GH¢15.69 per litre.
Industry players say the back-and-forth price movements between the two leading oil marketing companies point to intensified competition.
“Once again, competition is at play, especially between the top two OMCs as they use price to attract more consumers to their service stations,” some industry analysts noted.
Data from the Chamber of Oil Marketing Companies show that more consumers are becoming highly price-sensitive when purchasing fuel. There had been concerns that strict enforcement of a price floor by the National Petroleum Authority could limit price reductions at the pumps.
However, recent pricing actions suggest consumers may still benefit from competitive pricing. “It appears consumers will still not miss out on being offered some competitive pricing despite the price floor policy,” an industry source indicated.
Across the market, petrol prices have been quoted as high as GH¢13.29 per litre, while diesel has reached GH¢16.29, depending on the outlet.
Despite the ongoing competition, there are concerns that fuel prices could rise again in the coming days due to increasing global crude oil prices driven by geopolitical tensions in the Middle East.
“Consumers may have to brace themselves for more increases in the coming days as global crude oil prices continue to rise,” market watchers have cautioned.
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