Ghana Drops to 13th in Africa for Cheapest Fuel, Prices Set to Rise Soon

Ghana has seen a drop in its ranking for the lowest fuel prices in Africa, falling to 13th place as of January 2025.

The country’s average petrol price now stands at $1.051 per litre, up from $0.985 in December 2024.

This shift has pushed Ghana down from 43rd to 53rd globally, as reported by GlobalPetrolPrices.com.

Despite the increase, Ghana still has relatively low fuel prices compared to many African nations.

Libya continues to hold the top spot in Africa, with a remarkably low price of just $0.030 per litre, making it the second-cheapest in the world.

Angola and Egypt follow closely behind with prices of $0.328 and $0.337 per litre, respectively.

Other African countries with low fuel prices include Algeria ($0.338), Sudan ($0.700), Nigeria ($0.764), Tunisia ($0.782), Ethiopia ($0.804), and Liberia ($0.843). These nations make up the top ten in Africa, with Ghana now ranking 13th.

However, fuel prices in Ghana are expected to rise slightly in the coming days. Starting Friday, January 17, 2025, drivers can expect marginal increases at the pump.

Dr. Riverson Oppong, CEO of the Chamber of Oil Marketing Companies, explained that the rise in global crude oil prices and the recent depreciation of the Ghanaian cedi are the primary factors driving the price hike.

Dr. Oppong noted that global oil prices had been stable but saw a 0.33% increase in the past 24 hours, while the local currency’s instability has further contributed to the pressure on fuel costs. This combination of factors is expected to impact the price of petroleum products in the short term.

As Ghanaians brace for higher fuel costs, attention will turn to the long-term sustainability of fuel pricing and the economic impact of these changes.