Accra: GOIL, Ghana's second-largest oil marketing firm, has announced a reduction in fuel prices at its service stations nationwide. The company said on its social media page that petrol will now sell at GHS12.28 per litre, down from GHS12.40, while diesel is reduced to GHS14.98 per litre, from GHS15.69, effective 2 pm today.
According to Ghana Web, GOIL explained that the move aligns with President John Mahama's efforts to ease the cost of living amid the Middle East conflict. The company noted the adjustment demonstrates its commitment to delivering value to customers while remaining competitive in the market.
Earlier today, Star Oil also announced cuts in fuel prices, reducing petrol from GHS12.49 to GHS12.29 per litre and diesel from GHS15.99 to GHS14.99 per litre. This marks Star Oil's third price adjustment in two days, following reviews on March 15.
Industry observers suggest GOIL's reduction is a reaction to Star Oil's earlier price cuts, describing the developments as a potential price war between Ghana's two largest oil marketing firms. Analysts also note that, based on the price floor for the next two weeks, there is room for further reductions. The latest pricing window allows petrol to sell no lower than GHS11.57 per litre and diesel at GHS14.35 per litre.
Apart from price adjustments, market players expect both companies to compete through additional services to attract customers.