Accra, July 2025 – New figures from Ghana’s National Petroleum Authority reveal a significant shift in the oil marketing sector: Star Oil has surged past state-owned GOIL PLC, consolidating its position as the country’s top Oil Marketing Company (OMC). The data highlights a remarkable uptick in Star Oil’s market share across 2023 and early 2024.
📊 Market Share Breakdown
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GOIL’s Decline
Once the undisputed leader with over 20% share at the end of 2022, GOIL saw its dominance wane to just 16.1% by the end of 2023
In the first quarter of 2024, GOIL’s share dropped further to 13.6%, marking its sixth consecutive quarterly decline . -
Star Oil’s Ascendance
Star Oil skyrocketed from a modest 2.5–5.9% share in 2022 to 8.36% by end-2023, overtaking TotalEnergies, Vivo Energy (Shell), and Zen Petroleum to secure second place nationwide
As of Q1 2024, Star Oil further strengthened its position, reaching 9.07%, solidifying its hold as a major industry player
🌍 Drivers Behind the Shift
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Competitive Pricing & Perceived Quality
Star Oil’s aggressive pricing strategy—offering petrol at lower rates than major competitors—has resonated with consumers. Industry experts credit this, along with a consistent reputation for fuel quality, as a key driver behind the company’s growing consumer preference thehighstreetjournal.com. -
Market Dynamics & Structural Industry Changes
Out of over 230 OMCs in 2022, only 201 remained in 2023—and the top 10 OMCs, including Star Oil, collectively saw their market share dip slightly from 65% to 61%—signaling increasing competition
Against this backdrop, Star Oil’s leap from fifth to second underscores its strategic agility amid growing market fragmentation.
🎯 Implications for Consumers & Industry
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For Consumers:
Lower fuel prices at Star Oil stations have pressured rivals, particularly GOIL, to revise their pricing—benefiting motorists and transport operators, especially amid a strengthening cedi, which eased import costs -
For GOIL:
Despite retaining leadership by volume—marketing over 700,000 metric tons in 2023—the company faces growing urgency to respond effectively to Star Oil’s momentum . -
For the Industry:
This reshuffling signals a more competitive landscape in Ghana’s petroleum market. Emerging brands that blend affordability and quality are now formidable challengers to traditional market leaders.
🔭 Outlook
Star Oil’s meteoric rise demonstrates how local OMCs can advance rapidly through strategic pricing and quality assurance. With GOIL working to stem its downturn, and other mid-tier brands watching closely, the coming months could see intensified competition—and continued benefits for Ghanaian drivers.
