Police have closed the road between the junction with Rue Sauvage and the Camp du Roi traffic lights.
Les Abreuveurs Road and Rue a Chiens are also closed. The spillage resulted in a collision in which a Range Rover hit the nearside wall but nobody was hurt.
Traffic is said to be heavy in surrounding area and States Works are preparing to sand the road.
UPDATE
Guernsey Police said the affected roads are still being sanded and are likely to remain closed for the next few hours.
When they do reopen, a 15mph speed limit will be put in place.
Motorists are asked to drive with extreme caution, as the road surface is likely to be slippery still.
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