Ghana maintained its position as the country with the 10th lowest fuel prices in Africa in September 2024, as reported by GlobalPetrolPrices.com. This is noteworthy considering the consistent slight decrease in fuel prices observed at gas stations. Ghana’s average petrol cost of $0.985 per liter now places it at the 43rd spot globally, a slight improvement from its previous 45th ranking.
Meanwhile, Libya continues to lead the African continent with the lowest fuel price at $0.031 per liter, securing the second position globally. Following closely behind are Egypt and Angola in 2nd and 3rd place, with fuel prices of $0.035 and $0.323 per liter, respectively. Algeria, Nigeria, Sudan, Ethiopia, Tunisia, and Liberia occupy the subsequent positions with varying fuel prices.
The recent price adjustments reflect a decrease of 2% to 4% across petrol, diesel, and Liquefied Petroleum Gas, effective from August 1, 2024. These changes are attributed to the stabilization of the Ghana cedi’s depreciation in the latter part of July 2024 and favorable trends in the international market. The Institute for Energy Security (IES) reported declines of 2.99% for petrol, 4.59% for diesel, and 1.10% for LPG during the same period.
In summary, Ghana’s fuel pricing dynamics are influenced by a combination of local and global factors, showcasing the country’s position in the regional and global fuel market landscape.
