Fuel Prices Drop as Goil and Star Oil Lead the Way Following Cedi Appreciation
Motorists across Ghana are enjoying a welcome break at the fuel pumps as two of the country’s major oil marketing companies Goil and Star Oil have announced significant reductions in fuel prices. The move comes in response to the recent appreciation of the Ghanaian cedi against the US dollar.
The cedi’s strengthening has reduced the cost of importing fuel enabling oil companies to lower prices and offer relief to both consumers and transport operators who have been calling for price cuts in recent months.
Goil, Ghana’s largest and wholly Ghanaian-owned oil marketing company has taken the lead by rolling back prices across its entire range of fuel products. The new prices 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
Goil’s decision positions it as one of the first major companies to respond proactively to the favourable foreign exchange environment, reinforcing its commitment to customer satisfaction and affordability.
Star Oil has also announced significant cuts to its petrol and diesel prices, although its premium fuel price remains unchanged. The revised prices at Star Oil filling stations are:
• Petrol: Now selling at ₵11.77, down from ₵12.57
• Diesel: Now ₵12.49, reduced from ₵13.49
• Premium: Unchanged at ₵14.89
With these adjustments, Star Oil now offers one of the most competitively priced petrol options in the market which could influence pricing decisions by other oil marketing companies in the coming days.
The recent gains made by the Ghanaian cedi against the US dollar have played a key role in the decision to reduce fuel prices. Since fuel imports are paid for in dollars, the cedi’s recovery has lowered import costs, creating the opportunity for price reductions at the pump.
Analysts suggest that this development could mark the beginning of a broader downward trend in fuel prices provided the cedi continues to perform well and global crude oil prices remain relatively stable.
The reduction in fuel prices has been met with excitement by motorists and commercial transport operators. Many consumers say the lower prices will reduce the cost of living, while transport unions are expected to review fares if more companies adjust their prices.
There is now mounting pressure on other oil marketing companies to follow Goil and Star Oil’s lead. Industry experts believe that competitive market dynamics, combined with consumer expectations, could drive further reductions in the near future.
The recent price cuts by Goil and Star Oil are a step in the right direction for Ghana’s economy. As the cedi continues to recover, and if the trend holds, Ghanaians could see even more relief at the pumps in the weeks to come. The development underscores the importance of a stable currency and competitive markets in shaping economic outcomes for everyday citizens.