Ghana maintained its 10th position for the lowest fuel prices in Africa as of September 2024, according to GlobalPetrolPrices.com.
This news arrives despite a consistent decrease in fuel prices at the pumps.
As of September 2024, Ghana’s average petrol price was $0.985 per litre, moving up to 43rd place globally from 45th.
Libya continues to lead Africa with the lowest fuel price at just $0.031 per litre, ranking 2nd worldwide. Following closely are Egypt and Angola, with prices of $0.035 and $0.323 per litre, respectively, securing the 2nd and 3rd spots in Africa.
From 4th, 5th, 6th, 7th, 8th and 9th were Algeria ($0.348), Nigeria ($0.470), Sudan ($0.700), Ethiopia ($0.723), Tunisia ($0.834) and Liberia ($0.889) respectively.
Fuel prices fall between 2% and 8%
The prices of petroleum products fell between 2% and 4% for petrol, diesel, and Liquefied Petroleum Gas, beginning August 1, 2024.
This follows the slowdown in the depreciation of the Ghana cedi during the second half of July 2024 and the favourable international market dynamics.
According to the Institute for Energy Security (IES), the price of petrol and diesel fell by 2.99% and 4.59% respectively and LPG by 1.10% in the second half of July 2024.
“Precisely, the price of gasoline [petrol] fell by 2.99%, gasoil [diesel] by 4.59%, and LPG by 1.10% in the second half of July 2024. The Ghana cedi also recorded slowed depreciation (0.52%), the lowest since February 2024”.
In the 2nd pricing window of September, fuel prices eased between 4% and 8% on September 16.