It has dropped the price of petrol from GH¢12.49 to GH¢12.29 per litre. The Oil Marketing Company has also reduced the price of diesel from GH¢15.99 to GH¢14.99 per litre.

In a notice to all its service stations seen by Joy Business, Star Oil advised the managers to effect the necessary changes at their pumps from this morning, March 17, 2026.

This might be the second time that Star Oil has moved to review prices at the pumps since March 15, 2026.

The market leader increased prices over the weekend, which sources say it was part of efforts to manage spikes in demand for various petroleum products ahead of the March 16, 2025, price review.

Star Oil went down again on March 16, 2026, from the price quotes on March 15 and another review today.

It is not clear for now whether competition might have played a major role in this morning’s action by Star Oil following GOIL’s price announcement today.

Goil’s Price Review

The second biggest player in the oil marketing industry also announced today a review of prices at the pumps.

In a post on its social media page, sighted by Joy Business, GOIL increased per litre of petrol, from the GH¢11.57 per litre on Sunday, March 15, 2026, to GH¢12.40 per litre. Diesel, on the other hand, has been reviewed from GH¢14.35 per litre to GH¢15.69

This is also the second time that GOIL has reviewed its prices at the pumps since March 15, 2026.

Competition at play

Some industry persons believe that once again competition is at play, especially between the top two OMCs as they use price to attract more consumers to their service stations across the country.

Recent data from the Chamber Oil Marketing Companies (COMAC)showed that a lot of consumers are now “price sensitive”.

There were fears that due to the strict enforcement of the Price Floor by the National Petroleum Authority, ensuring that there is no price discount, consumers might be deprived of  “ low prices” at the pumps.

However, it appears consumers will still not miss out on being offered some competitive pricing.

Based on the review carried out by the various oil marketing companies for this second pricing window, the highest price quote so far has seen been petrol selling at GH¢13.29 and diesel going for GH¢16.29

However, there are fears that consumers may have to brace themselves for more increases in the coming days, as a result of the rising prices of crude oil due to the war in the Middle East.

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Gabriel Kumi, speaking on Joy News’ PM Express, Business Edition on Thursday, said the Chamber followed its established decision-making process on the petroleum price floor.

“Star Oil is a very key member of the Chamber,” he said.

His comments follow Star Oil’s announcement of an indefinite suspension from COMAC, citing dissatisfaction with the Association’s handling of the fuel price floor debate.

Mr Kumi said Star Oil itself acknowledged the principle guiding COMAC’s decisions.

“I’m happy in the letter that Star Oil wrote to us, it did admit that it respects the view of the majority,” he said.

He stressed that minority views are recognised, but cannot override the collective agreement.

“We also respect the view of the minority, but at the end of the day, the majority decision carries the day,” he said.

Mr Kumi explained that the fuel price floor policy was initiated by the Chamber and not imposed from outside.

“This floor pricing issue, the idea was pushed forward by the Chamber about two years ago with the National Petroleum Authority, and it was accepted,” he said.

He admitted the policy has faced difficulties. “Along the line, there have been challenges with the policy,” he said.

He said those challenges led to internal objections. “And I think that is what got our member to express those things,” he said.

According to him, those objections later resulted in Star Oil’s decision to step aside.

“Unfortunately, those expressions find their way in them, saying that they want to be suspended from the Chamber,” he said.

Despite the development, Mr Kumi said COMAC respects Star Oil’s choice.

“We respect that decision of Star Oil,” he said. But he said the Chamber’s position remains firm.

“At the end of the day, the majority decision is that, as it stands, the floor pricing policy is good for the industry,” he said.

He said the policy serves a protective role. “It protects the industry and is the way to go,” he said.

Mr Kumi also rejected claims that larger companies dominate decisions at COMAC.

“At the Chamber level, at the board level, everybody has one vote,” he said.

He stressed that size does not matter. “No matter how big you are, you still have one vote,” he said.

He said policies only move forward with broad backing. “If it wasn’t the majority decision, we couldn’t push it,” he said.

He added that unpopular proposals are dropped. “There are a lot of decisions that we have discussed, but if we find that it’s not popular, we shelve it,” he said.

He said the fuel price floor still commands support. “This one was a popular majority decision, and it’s still the popular decision amongst the Chamber members,” he said.

Chairman of COMAC, Gabriel Kumi, disclosed this on Joy News’ PM Express, Business Edition on Thursday.

“And immediately we put a team together to try and engage Star Oil,” he said. “Not a committee but just a few of us who have been tasked to engage Star Oil and get him back to the Chamber.”

Mr Kumi rejected claims that the Chamber’s emergency meeting was triggered by Star Oil’s exit.

“Let me correct this. The emergency meeting we had on Thursday was not a result of the fact that Star Oil has been suspended,” he said.

He said the meeting had been scheduled days earlier. “Star pulled out on Wednesday, and we had planned this emergency meeting since Monday,” he said.

According to him, the timing changed only because COMAC wanted full attendance.

“We wanted this meeting to have a full house,” he said. “Some of our members were suggesting Monday or Tuesday, but some of us had travelled.”

He said Wednesday was also not workable. “So we pushed it to Thursday morning,” he said.https://www.youtube.com/embed/vQzoDn0PvVM?si=pFiIMNun8Q85ie81

Mr Kumi said the meeting was planned because competition in the sector had become unhealthy.

“We saw that the competition was getting a bit nasty, so we wanted to meet the two of them,” he said.

He noted that both Star Oil and GOIL sit on the COMAC board.

He said tensions later escalated beyond competition. “The personal attacks got a little bit intensified, and Star reacted by suspending itself,” he said.

Mr Kumi described Thursday’s engagement as difficult.

He said the Chamber maintained its policy position. “At the end of the day, we resolved that the position of the Chamber, which is to support the price floor, should be maintained,” he said.

He said outreach to Star Oil began immediately after.

Star Oil announced an indefinite suspension of its COMAC membership earlier this week, citing concerns over how the Chamber has handled the debate on the petroleum price floor.

The policy has divided oil marketing companies and heightened tensions in the downstream petroleum sector.

Speaking on Accra-based Citi FM, Mr Amoah said the situation exposes fundamental weaknesses in Ghana’s petroleum pricing framework, particularly the introduction of a price floor.

“We never needed a price floor. If there had to be any intervention at all, it should have been a price ceiling to deal with those charging excessively,” he stated.

He noted that fuel prices vary widely among oil marketing companies, questioning the fairness of targeting firms that advocate lower prices.

“When you compare prices across oil marketing companies, the difference between the cheapest and the most expensive can be more than one Ghana cedi. Is the regulator saying that those charging significantly higher prices are right, while those trying to offer lower prices to benefit Ghanaians are the problem?” he asked.

Mr Amoah said Star Oil’s position aligns with concerns COPEC has consistently raised since the price floor policy was introduced in 2024. He described the backlash against the company as unfair and harmful to its reputation.

“In my view, Star Oil is being victimised for holding a position we clearly articulated from the very beginning of this price floor policy. The public discussion around their stance has not been fair to their brand,” he said.

His comments come after Star Oil Limited announced the immediate suspension of its membership of the Chamber of Oil Marketing Companies (COMAC).

The company said it was dissatisfied with how COMAC handled its position on the price floor, arguing that poor communication had resulted in negative public perceptions and wrongly portrayed its advocacy as anti-competitive or improper.

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COMAC says its Board, under the leadership of the Chairman, has already set in motion internal mechanisms to engage Star Oil and persuade the company to reconsider its position.

The Chamber maintains that its governance structures are designed to promote consultation and consensus-building rather than unilateral decisions on industry matters.

Speaking in an interview on Citi FM on Wednesday, January 21, the Chief Executive Officer of COMAC, Dr Riverson Oppong, confirmed that efforts are underway to reopen discussions with Star Oil, stressing that differing viewpoints within the industry should not be misconstrued as hostility.

“We will engage Star Oil. The Board Chairman has initiated processes to reach out to them and encourage a reconsideration of their decision,” Dr Oppong said, noting that managing the interests of over 200 oil marketing companies inevitably involves reconciling varied and sometimes competing perspectives.

He acknowledged that disagreements are part of any large association but insisted they should not lead to a breakdown in relationships.

“Our interests may clash at times, but that does not make us enemies,” he remarked.

Dr Oppong also disclosed that the Chamber’s Board is expected to meet to deliberate further on the matter, adding that he was personally disappointed by Star Oil’s decision to suspend its membership rather than continue to pursue its concerns through COMAC’s established structures.

“I would have preferred that Star Oil stayed within the Chamber and represented its interests at the Board level, so that decisions could be taken collectively,” he said.

Star Oil Limited earlier announced an indefinite suspension of its membership of COMAC, a move that has sparked considerable discussion within Ghana’s downstream petroleum industry.

In a statement issued on Wednesday, January 21, the oil marketing firm described the move as an indefinite suspension, stressing that it was made after careful consideration.

Star Oil noted that it has been a long-standing and active member of COMAC and remains its largest financial contributor, consistently supporting the Chamber’s operations and advocacy work.

The company explained that its membership of COMAC had been premised on the expectation of fair representation of members’ interests and the accommodation of differing but constructive views on policy and regulatory issues. However, Star Oil said recent developments had undermined this principle, prompting a reassessment of its continued association with the Chamber.

At the heart of the disagreement is COMAC’s public stance on the petroleum price floor, a contentious regulatory issue within the industry.

Star Oil disclosed that it has consistently called for the abolition of the price floor, a position that differs from the majority view held by COMAC’s membership.

The company expressed dissatisfaction that its perspective has not been fairly acknowledged or adequately explained, particularly during recent media engagements by the Chamber’s Chief Executive.

According to Star Oil, the lack of balanced communication has fuelled negative public perceptions, creating the impression that its position is driven by anti-competitive or improper motives.

The company described such insinuations as unjust and damaging to its corporate reputation, especially given its long-standing contributions to the industry.

Reiterating its position, Star Oil said its opposition to the price floor is based on sound economic and market principles, arguing that the policy distorts pricing by preventing the prompt transmission of international fuel prices and foreign exchange movements into the local market.

It maintained that this ultimately weakens competition and disadvantages consumers, noting that similar arguments had previously informed the removal of the price floor for Bulk Distribution Companies.

“In light of the above, Star Oil believes that continued membership of COMAC under the current circumstances exposes the company to reputational risk without providing a fair platform for its views to be represented,” the statement said.

“We have therefore decided to suspend our membership until the Chamber demonstrates a clear commitment to balanced representation and fair communication of divergent positions among its members.”

Source: Adomonline.com

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This was captured in the National Petroleum Authority’s (NPA) Oil Marketing Companies Performance Statistics from January to May 2025, seen by JoyBusiness.

Star Oil has now overtaken state-owned company GOIL, which for years held the title of market leader in petroleum sales across the country.

While Star Oil has occasionally led the market in select months in the past, the latest figures suggest the company is now firmly cementing its dominance in the sector.

Market Performance Breakdown

From January to May 2025, Star Oil sold a total of 336.3 million litres of petroleum products. Data on its half-year performance shows it sold 403 million litres, broken down as follows:

• Petrol – 193.9 million litres

• Diesel – 139.3 million litres

• LPG – 3.1 million litres

In comparison, GOIL sold 271.3 million litres during the same period:

• Petrol – 156 million litres

• Diesel – 111 million litres

• LPG – 3.6 million litres

Other key players’ sales figures from January to May 2025 include:

• Vivo Energy (Shell): 206 million litres

  • Petrol – 110 million litres

  • Diesel – 96 million litres

• TotalEnergies: 149 million litres

  • Petrol – 71 million litres

  • Diesel – 75 million litres

  • LPG – 2.3 million litres

• Zen Petroleum: 82 million litres

  • Petrol – 46 million litres

  • Diesel – 42 million litres

Additional performance data shows rising competition:

• Moari Oil: 85 million litres

• Benab Oil: 77 million litres

• Frimps Oil: 56 million litres

Industry Rankings (Jan–May 2025)

1. Star Oil

2. GOIL

3. Vivo Energy (Shell)

4. TotalEnergies

5. Zen Petroleum

In total, over 2.4 billion litres of petroleum products were sold by more than 200 oil marketing firms nationwide within the first five months of the year.

Star Oil’s Financial Performance

According to its published financials for the first half of 2025, Star Oil paid GH¢1.1 billion in taxes to the government.

The company also reported employing 2,546 direct staff and operating 240 fuel stations across the country.

Source: JoyBusiness

The journey, marked by tragedy and fear, has claimed lives, leaving families shattered and dreams unfulfilled.

But today, a new chapter begins. Star Oil, Ghana’s leading Oil Marketing Company (OMC), has turned the tide of danger into a beacon of hope by commissioning a fully equipped primary school in CK Kope.

With modern facilities and a deep commitment to the community’s future, Star Oil has made it possible for children to learn in safety—without crossing the lake.

A Lifesaving Intervention Rooted in Compassion

The vision for the school was born when the Board Chairman of Star Oil, Torgbui Xornametor (Mr. Vincent Kaledzi), visited the area and was deeply moved by the residents’ plea for help. Witnessing firsthand the perilous journey children endured daily, he vowed that Star Oil would change their story.

“Our founding father, Mr. Khaleji, started his first retail business right here in Tapa Abotoase,” said Star Oil CEO, Philip Tieku. “This project is more than just a school. It is a tribute to our roots and a promise to secure a better future for the next generation.”

A Modern School Built with Safety and Excellence in Mind

The newly built school, valued at nearly two million Ghana cedis, is designed to meet modern educational standards. It features:

• Fully furnished classrooms
• Washrooms for staff and students
• A staff common room
• A headmaster’s office
• Additional auxiliary facilities to support teaching and learning

But Star Oil’s intervention goes beyond bricks and mortar. Acknowledging that some children may still need to cross the lake for other reasons, the company has provided 500 life jackets to the community—an immediate solution to a longstanding danger.

“This is more than an investment in education; it is an investment in life itself,” said Mr. Tieku. “We cannot build a future if we do not first protect those who will shape it.”

A Pledge for Long-Term Impact

Star Oil’s commitment does not end with the school’s construction. The company has pledged to be part of the School Management Committee (SMC), collaborating with local authorities, teachers, and parents to ensure that the school remains a center of academic excellence.

“Our goal is not just to open a school but to maintain its standards and support it over time,” added Mr. Tieku. “We are here for the long haul.”

A Community’s Gratitude and a Call for More

The commissioning ceremony was filled with emotion as community members, leaders, and educators expressed their heartfelt gratitude. Biakoye District Education Director, Roslyn Kafui Ofori, praised Star Oil for their generosity and far-reaching impact. She also used the opportunity to urge Star Oil to help the district further by improving access roads to the education office.

Hope for the Future

This school represents more than just access to education—it represents survival, opportunity, and the power of community-driven change.

Parents, once gripped by fear, now look forward to brighter futures for their children. Teachers, empowered with the right tools, are ready to shape young minds. And students, no longer risking their lives for knowledge, are free to dream, explore, and achieve.

As the sun set on the commissioning ceremony, it was clear that this was more than a building—it was a lifeline, a legacy, and a promise kept.

In the words of CEO Philip Tieku:
“Study hard, dream big, and always remember—Star Oil believes in you.”

This is followed by the right price quotation, and then the right quantity served at the pumps.

The revelation follows the recent rise of indigenous oil marketing company, Star Oil, becoming number two in volumes sales on the market.

The company, has climbed up to beat TotalEnergies and Shell, becoming second to GOIL which sits at the top.

Star Oil’s rise has been attributed to its competitive pricing mechanism.

Speaking to Joy Business, Executive Secretary of COPEC, Duncan Amoah said despite the price differentials, consumers always look out for fuel with the best quality product.

The number one concern as far as the consumer preference is concerned, is always about the right quality. When you move from the right quality parameter, they will now look at the right price, and the third most essential is the right quantity”, he said.

He explained that, consumers prefer quality fuel to guarantee the longevity of their vehicle performance and engine.

“If you check even other OMCs whose prices as I speak with you may be lower than Star Oil and GOIL, a lot more Ghanaians would continue to shy away from some of those OMC brands because of the perception that they wouldn’t probably get the right quality and their engines may be at a certain risk”.

Mr. Amoah said Star Oil’s rise is a good development for the industry since price war will ultimately leads to the benefit of consumers.

He advised OMCs to prioritise quality to maintain good brand in the market.

Source: Joy Business

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Market leader GOIL is selling a litre of petrol at GH₵14.16.

This represents a 6 pesewas drop per litre and 0.42 percentage point reduction per litre of petrol.

Diesel is also going for GH₵14.70 from its old price of GH₵14. 90.

This represents a 20 pesewas drop in prices and a 1.34 percentage points reduction per litre of diesel.

The second biggest Oil Marketing Firm, based on half-year industry data, Star Oil has also reduced the prices of its petroleum products.

The company reduced the price of petrol per litre by some 0.73 percentage points, going to GH₵13.65. This represents a 10 pesewas reduction from the previous price Star Oil was selling on the market.

Diesel on the other hand is going for GH₵13.85 per litre from its old price of GH₵14.02.

However, Star Oil is undertaking some promotions at selected stations across the country.  At these stations, a litre of petrol is selling at GH₵13.31.  Diesel at these stations is going for GH₵13.57.

JOYBUSINESS is learning that more oil marketing firms are expected to reduce the prices of petroleum products at the pumps in the coming days.

Energy Analysts Dr. Yusif Suleman in a recent interview with JOYBUSIENSS said competition recently seen on the market shows that consumers are price sensitive.

It appears GOIL and Star Oil are using price to maintain their market share.

Reasons

Market watchers are linking the reduction in prices to the slowdown in Cedi’s rate of depreciation against the dollar over the past two weeks as well as the continuous drop in prices of crude oil on the international market.

Crude oil has dropped from US$82 a barrel last week. As of September 2, 2024,  it was going for US$76 a barrel.

Some analysts have argued that if the current trend on the international market is sustained and the cedi remains fairly stable against the US dollar, consumers should expect more reviews at the pumps in the coming days.

Source: JoyBusiness

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The attack occurred when a bullion van the policeman was escorting made a stop at the fuel station on Thursday.

It was during this moment that the assailants attacked the vehicle and shot him to death.

In a statement, the company gave an account of the unfortunate incident.

“Star Oil is deeply saddened to announce an armed robbery attack at our Ablekuma Fanmilk station on Thursday, June 22, 2023, at approximately 1:30 PM. The robbers attacked the van a few minutes after it arrived for cash collection at the station,” the statement read in part.

Star Oil has said it will provide further details on the incident after subsequent consultations with the Ghana Police.

Meanwhile, the company has admonished the general public to exercise caution in publishing unverified accounts of the incident.

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Below is the full statement:

FOR IMMEDIATE RELEASE

Armed Robbery attack on a Bullion Van at Star Oil Ablekuma Fanmilk Station

Accra, Ghana – June 22, 2023 – Star Oil is deeply saddened to announce an armed robbery attack at our Ablekuma Fanmilk station on Thursday, June 22, 2023, at approximately 1:30 PM. The robbers attacked the van a few minutes after it arrived for cash collection at the station.

We wish to assure all our customers and the general public that as a responsible organisation we have adequate security systems at our stations to aid police investigations.

We also use this opportunity to admonish the general public to exercise caution in publishing unverified accounts of the incident.

We will provide further details on this incident after subsequent consultations with the Ghana Police.

We wish to express our sincere sympathies to the family of the deceased police officer and the Ghana Police Service.