GOIL, Star Oil drop fuel prices as cedi gains trength – Nsemkeka
Motorists across Ghana are breathing a sigh of relief as two of the country’s leading oil marketing companies—Goil and Star Oil—announce significant reductions in fuel prices, following the recent appreciation of the Ghanaian cedi against the US dollar.
The price cuts are expected to ease the financial burden on consumers and transport operators who have long called for downward reviews following the cedis strong gains.
Goil rolls back prices across all fuel types
Goil, Ghana’s largest and wholly indigenous oil marketing company, has revised prices downward across its entire fuel range. The new rates are as follows:
- Petrol: now selling at ₵12.52 per litre, down from ₵13.27
- Diesel: reduced to ₵12.98, from ₵13.87
- Premium: slashed to ₵14.34, previously ₵15.27
The move positions Goil as one of the first major players to respond proactively to the improved forex environment.
Star Oil joins price reduction wave
Star Oil has also made notable reductions, though its premium fuel remains unchanged. New prices at Star Oil stations are:
- Petrol: now ₵11.77, down from ₵12.57
- Diesel: now ₵12.49, reduced from ₵13.49
- Premium: holds steady at ₵14.89
This development places Star Oil’s petrol as among the most competitively priced on the market, likely influencing broader pricing trends in the coming days.
Cedi rebound drives change
The reductions come on the back of a strengthening Ghanaian cedi, which has recorded significant gains against the US dollar in recent weeks. As fuel imports are dollar-denominated, the improved exchange rate has provided room for oil marketing companies to lower prices at the pump.
Market watchers say this could signal the start of a broader downward trend in fuel pricing—provided the cedi’s stability is sustained and global crude prices remain relatively subdued.
Relief for consumers, pressure on others
Transport operators and consumers have welcomed the reductions, but are also calling on other oil marketing companies to follow suit to create a level playing field and further drive down transport fares.
Industry insiders suggest that competition and customer pressure may soon push more fuel retailers to adjust their prices accordingly.