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GOIL, Ghana’s second-largest oil marketing company (OMC), has raised pump prices for both petrol and diesel, becoming the first major player to adjust rates after weeks of price stability.
Petrol is now selling at GH¢13.38 per litre, up from GH¢12.99 earlier this month, while diesel has risen to GH¢14.20 per litre, compared to GH¢13.90 previously.
Key Takeaways
- GOIL, Ghana’s second-largest oil marketing company (OMC), has raised pump prices for both petrol and diesel, becoming the first major player to adjust rates after weeks of price stability.
- Many rivals, including TotalEnergies, Shell, Puma, and Star Oil, have so far resisted upward adjustments despite earlier forecasts of a 6% price jump in mid-September.
- Iraq is set to resume exports through Kurdistan after a two-year suspension, potentially adding 230,000 barrels per day to global supply.
The move comes at a time when global crude prices are sliding. Brent crude fell to $66.3 a barrel on Tuesday, its lowest in five sessions, weighed down by expectations of increased supply from Iraq.
Market Impact and Industry Projections
Industry analysts suggest GOIL’s decision could set the pace for more than 200 OMCs nationwide. Many rivals, including TotalEnergies, Shell, Puma, and Star Oil, have so far resisted upward adjustments despite earlier forecasts of a 6% price jump in mid-September.
The Chamber of Oil Marketing Companies (COMAC) had projected petrol could rise to GH¢14.17 per litre, diesel to GH¢14.67, and LPG to almost GH¢14 per kilogram. GOIL’s new rates fall within this band, potentially signaling that further hikes by competitors could soon follow.
Global Oil Dynamics
The international oil market remains volatile. Iraq is set to resume exports through Kurdistan after a two-year suspension, potentially adding 230,000 barrels per day to global supply. The country has also boosted exports under the OPEC+ agreement, with September shipments projected between 3.4 million and 3.45 million bpd.
These developments have capped global prices, yet domestic pump adjustments remain influenced by exchange rate movements, taxes, and levies in Ghana’s pricing framework.
Competitor Prices Hold Steady
Despite GOIL’s move, other OMCs are maintaining current rates:
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Star Oil: Petrol GH¢12.77, Diesel GH¢13.45
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TotalEnergies: Petrol GH¢12.88, Diesel GH¢14.30, Premium GH¢16.67
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Shell: Petrol GH¢12.89, Diesel GH¢13.89, Premium GH¢14.99
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Petrosol: Petrol GH¢12.98, Diesel GH¢14.18
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Puma Energy: Petrol GH¢13.35, Diesel GH¢13.75
For consumers, this mixed market means pump prices will vary widely depending on the OMC, though GOIL’s decision could pressure competitors to adjust soon.
Outlook
Fuel price movements will remain tied to global supply shifts and the cedi’s performance against major currencies. With Ghana’s deregulated market structure, the coming weeks will reveal whether GOIL’s adjustment sparks an industry-wide trend or remains an isolated move.
Source: Accra Street Journal
Last Updated on September 24, 2025 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
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