Ghana retains 10th position with lowest fuel price in Africa

Ghana has maintained its position as the 10th African country with the lowest fuel prices in September 2024, according to GlobalPetrolPrices.com. This comes in spite of a continued marginal decrease in fuel costs at local pumps.

With an average petrol price of $0.985 per litre, Ghana now ranks 43rd globally, an improvement from its previous 45th position.

Africa’s Top Fuel Price Rankings

Libya continues to hold the top spot in Africa, offering the lowest fuel price on the continent at $0.031 per litre, also ranking second globally. Egypt and Angola follow in second and third places, with prices of $0.035 and $0.323 per litre, respectively.

The 4th through 9th positions in Africa are occupied by Algeria ($0.348), Nigeria ($0.470), Sudan ($0.700), Ethiopia ($0.723), Tunisia ($0.834), and Liberia ($0.889).

Fuel Prices Drop Between 2% and 4%

Petroleum product prices, including petrol, diesel, and Liquefied Petroleum Gas (LPG), saw a decrease of between 2% and 4%, starting from August 1, 2024. This drop is attributed to a slowing in the depreciation of the Ghanaian cedi during the second half of July 2024, as well as favourable conditions in international markets.

The Institute for Energy Security (IES) reports a 2.99% reduction in petrol prices, a 4.59% drop in diesel, and a 1.10% decline in LPG prices for the same period. Additionally, the cedi’s depreciation slowed to 0.52%, marking its lowest rate since February 2024.