Ghana has fallen three spots to 13th place in Africa for having the lowest fuel prices, according to the latest data from GlobalPetrolPrices.com.
As of January 2025, the average petrol price in Ghana was $1.051 per litre, a noticeable increase from $0.985 per litre in December 2024.
This rise in fuel prices has led to Ghana’s drop in the African rankings and caused its global position to decline from 43rd to 53rd.
Libya remains at the top of the African list, offering the lowest petrol price on the continent at an incredibly low $0.030 per litre, ranking second globally.
Angola and Egypt follow closely in 2nd and 3rd places with petrol prices of $0.328 and $0.337 per litre, respectively.
Other African nations that featured in the top 10 for the lowest fuel prices include Algeria ($0.338), Sudan ($0.700), Nigeria ($0.764), Tunisia ($0.782), Ethiopia ($0.804), and Liberia ($0.843).
The rise in fuel prices in Ghana has raised concerns, especially as it coincides with an expected slight increase in prices from Friday, January 17, 2025.
Dr. Riverson Oppong, the Chief Executive Officer of the Chamber of Oil Marketing Companies, explained that the upcoming price increase is primarily due to rising global crude oil prices and the recent depreciation of the Ghanaian cedi.
He highlighted that, while the situation had been relatively stable, a 0.33% increase in global Free-On-Board (FOB) plant prices coupled with fluctuations in the exchange rate are contributing to the price hike.
The projected price increase serves as a reminder of the ongoing volatility in global fuel markets, which is heavily influenced by factors such as global oil prices and the strength of the local currency.
With Ghana’s ranking slipping in the fuel price index, the government and industry stakeholders will need to carefully monitor these changes to mitigate any negative impact on consumers and the economy.