GOIL, Star Oil drop fuel prices as cedi gains strength

Motorists across Ghana can finally breathe a sigh of relief as two of the country’s top oil marketing companies—Goil and Star Oil—have announced major reductions in fuel prices. This welcome news comes in the wake of the recent appreciation of the Ghanaian cedi against the US dollar, a key factor that directly affects fuel import costs.

For weeks now, both transport operators and everyday consumers have been crying out for some kind of relief at the pumps. The strengthening of the cedi presented a timely opportunity for oil companies to cut prices, and now, Goil and Star Oil have taken the lead in making those reductions a reality.

Goil Slashes Prices on All Fuel Types

Goil, Ghana’s largest and fully Ghanaian-owned oil marketing company, has revised its fuel prices across the board. The new prices at Goil filling stations are as follows:

Petrol: ₵12.52 per litre (previously ₵13.27)

Diesel: ₵12.98 per litre (down from ₵13.87)

Premium fuel: ₵14.34 per litre (was ₵15.27)

With this move, Goil has shown a quick and responsive approach to the changing forex market. The company is positioning itself as not just a fuel provider but a listening brand—one that takes into account the financial struggles of Ghanaians during these challenging times.

Star Oil Follows with Competitive Pricing

Star Oil, another big name in Ghana’s oil marketing sector, has also joined in by announcing significant price reductions—although it has kept its premium fuel rate unchanged. The new Star Oil rates are:

Petrol: ₵11.77 per litre (down from ₵12.57)

Diesel: ₵12.49 per litre (was ₵13.49)

Premium fuel: Remains at ₵14.89 per litre

By lowering the cost of both petrol and diesel, Star Oil has become one of the most competitively priced providers on the market right now. Analysts expect this will put pressure on other oil marketing companies to adjust their prices or risk losing customers.

Cedi Appreciation Behind the Price Drops

These price cuts are largely due to the recent strength of the Ghanaian cedi, which has made significant gains against the US dollar over the past few weeks. Since fuel is an imported commodity and transactions are done in dollars, a stronger cedi reduces the cost of importing petrol and diesel.

With this breathing space, oil marketing companies now have some room to lower pump prices without suffering huge losses. Market watchers say this could mark the beginning of a wider drop in fuel prices across the country, provided that the cedi continues to perform well and international crude oil prices don’t rise sharply.