Ghana held onto its position as the 10th African nation with the cheapest fuel in May 2024, according to data from GlobalPetrolPrices.com.
This comes despite a weakening Ghanaian cedi against the US dollar. The average price of petrol in Ghana sat at $1.070 per litre in May, ranking 47th globally.
While the cedi’s depreciation threatened to raise fuel prices, the drop in global refined petroleum product prices outweighed the currency’s decline.
The Institute for Energy Policy reported a decrease of over 5.6% for gasoline (petrol),4.5% for diesel, and 4.7% for Liquefied Petroleum Gas (LPG) on the international market.
This wider reduction in international prices prevented a corresponding rise in Ghana, allowing the country to maintain its position as one of Africa’s fuel leaders.
Libya retained the top spot with the cheapest fuel in Africa at $0.031 per litre, followed by Egypt at $0.289 and Algeria at $0.353. Other African nations with lower fuel prices than Ghana included Angola, Nigeria, Sudan, Tunisia, Liberia, and Gabon.