Ghana Retains 10th Position in Africa With Lowest Fuel Price

Despite the cedi’s depreciation to the US dollar, Ghana has retained its 10th position with the lowest fuel price in Africa in May 2024, according to (link unavailable)

Ghana’s average petrol price of $1.070 per liter ranks it 47th globally. Libya retained the number one position in Africa with the lowest fuel price of $0.031 per liter on the African continent but 2nd globally. Egypt and Algeria came 2nd and 3rd respectively with fuel prices of $0.289 and $0.353 per liter.

Fuel prices were expected to ease from May 16, 2024, but the depreciation of the cedi to the American greenback prevented a drop in the prices of petroleum products. This follows a reduction of prices of refined petroleum products on the international market which is wider than the cedi depreciation.

According to the Institute for Energy Policy, “Following the changes recorded on the international market for refined petroleum product, Gasoline [petrol], Gasoil [diesel] and Liquified Petroleum Gas (LPG) recorded a fall of about 5.68%, 4.51% and 4.72% respectively.” The Institute also mentioned that “In the second pricing-window for May 2024, ex-pump is expected to fall given the reductions recorded for refined petroleum products on the international market, which is wider than Ghana cedi depreciation.”

This development comes as a relief to many Ghanaians who have been grappling with the high cost of living in the country. The retention of the 10th position with the lowest fuel price in Africa is a welcome news for the country’s economy.