Market leader Star Oil has announced a price reduction for petroleum products at the pumps again.
It has dropped the price of petrol from GH¢12.49 to GH¢12.29 per litre. The Oil Marketing Company has also reduced the price of diesel from GH¢15.99 to GH¢14.99 per litre.
In a notice to all its service stations seen by Joy Business, Star Oil advised the managers to effect the necessary changes at their pumps from this morning, March 17, 2026.
This might be the second time that Star Oil has moved to review prices at the pumps since March 15, 2026.
The market leader increased prices over the weekend, which sources say it was part of efforts to manage spikes in demand for various petroleum products ahead of the March 16, 2025, price review.
Star Oil went down again on March 16, 2026, from the price quotes on March 15 and another review today.
It is not clear for now whether competition might have played a major role in this morning’s action by Star Oil following GOIL’s price announcement today.
Goil’s Price Review
The second biggest player in the oil marketing industry also announced today a review of prices at the pumps.
In a post on its social media page, sighted by Joy Business, GOIL increased per litre of petrol, from the GH¢11.57 per litre on Sunday, March 15, 2026, to GH¢12.40 per litre. Diesel, on the other hand, has been reviewed from GH¢14.35 per litre to GH¢15.69
This is also the second time that GOIL has reviewed its prices at the pumps since March 15, 2026.
Competition at play
Some industry persons believe that once again competition is at play, especially between the top two OMCs as they use price to attract more consumers to their service stations across the country.
Recent data from the Chamber Oil Marketing Companies (COMAC)showed that a lot of consumers are now “price sensitive”.
There were fears that due to the strict enforcement of the Price Floor by the National Petroleum Authority, ensuring that there is no price discount, consumers might be deprived of “ low prices” at the pumps.
However, it appears consumers will still not miss out on being offered some competitive pricing.
Based on the review carried out by the various oil marketing companies for this second pricing window, the highest price quote so far has seen been petrol selling at GH¢13.29 and diesel going for GH¢16.29
However, there are fears that consumers may have to brace themselves for more increases in the coming days, as a result of the rising prices of crude oil due to the war in the Middle East.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Source: www.myjoyonline.com
