GOIL, Ghana’s second-largest oil marketing company, has reduced fuel prices across its service stations nationwide.

In a post on its social media platforms, the company announced that petrol will now sell at GH¢12.28 per litre, down from GH¢12.40, while diesel has been reduced to GH¢14.98 per litre from GH¢15.69. The new prices took effect from 2:00 pm today.

According to GOIL, the adjustment is in line with efforts by President John Mahama to ease the cost of living, particularly in the wake of the ongoing Middle East conflict. The company said the move reflects its commitment to offering value to customers while maintaining competitiveness in the downstream petroleum market.

Earlier in the day, Star Oil also announced a reduction in its fuel prices. Petrol was cut from GH¢12.49 to GH¢12.29 per litre, while diesel dropped from GH¢15.99 to GH¢14.99 per litre. The latest change marks the company’s third price revision within two days, following earlier adjustments on March 15.

Industry watchers believe GOIL’s latest move may be a response to Star Oil’s aggressive pricing, with some describing the situation as the beginning of a price war between two of the country’s leading oil marketing firms.

Analysts further indicate that there is still room for additional price cuts. Under the current pricing window, petrol is projected to have a floor price of GH¢11.57 per litre, while diesel could go as low as GH¢14.35 per litre over the next two weeks.

Beyond pricing, market observers expect both companies to intensify competition by improving services and offering incentives to attract and retain customers.