Oil marketing firm, GOIL, has again reduced prices of petroleum products at its service stations across the country.

In a post on its social media page a while ago, the firm said it has reduced the price of petrol to GH¢12.28, from GH¢12.40 earlier announced.

Diesel has also been reduced to GH¢14.98 per litre, from GH¢15.69 effective 2pm today March 17, 2026.

The second biggest player in the oil marketing Industry on its social media post noted that its action was influenced by President John Mahama’s intention to make life easier for Ghanaians in the face of the middle east conflict. “GOIL is pleased to announce a reduction in our ex-pump prices”.

Goil went ahead to state that “this reflects our commitment to delivering value to customers, while remaining completive in the market”.

Star Oil’s Price Review

Star Oil earlier today announced a reduction in the price of petrol to GH¢12.29 per litre from GH¢12.49 .

The oil marketing company has also reduced the price of diesel to GH¢14.99 per litre from GH¢15.99.

This was actually the third time over the past two day, that Star Oil has moved to review prices at the pumps from March 15, 2026.

Reactions

But engaging some players in the industry,  they described the move by GOIL as reactionary to earlier reductions announced by market leader Star Oil.

Others described this as price war and the competition between the two top oil marketing firms in the country.

Some market players also believe that the happenings could be described as the price war intensifying between the two oil marketing companies.

However, based on the price floor for the next two weeks, it is clear that there could be some room for another reduction by the two oil marketing companies.

This is because the price floor announced for the second pricing window this month showed that a litre of petrol did not sell below GH¢11.57, whiles diesel was also not price below GH¢4.35 per liter. 

Joy Business is learning that apart from the price, the two players could also move to compete on other service offerings to help attract more cons