Ghana’s fuel prices among cheapest globally as of the beginning of 2024

As of January 1, 2024, fuel prices in Ghana began reducing to sell at GH¢11.24 from the earlier GH¢11.69.

According to ratings by globalpetrolprices.com, Ghana’s fuel prices were among the African countries with the cheapest fuel prices at the beginning.

The portal said the average price of gasoline around the world is $1.30 per liter.

However, there is a substantial difference in these prices among countries.

It also added that as a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the U.S. which is an economically advanced country but has low gas prices.

“The differences in prices across countries are due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes,” it added.

Here are the 10 African countries with the lowest price of fuel at the start of 2024 according to globalpetrolprices.com.

Country Fuel price Global rank

1. Libya $0.031 2nd

2. Algeria $0.342 4th

3. Angola $0.362 6th

4. Egypt $0.403 7th

5. Sudan $0.700 20th

6. Nigeria $0.722 22nd

7. Tunisia $0.824 27th

8. Gabon $1.002 39th

9. Liberia $1.021 41st

10. Ghana $1.033 44th

Fuel prices across the various pumps started reducing from January 1, 2024.

Star Oil has took the lead to start selling a litre of petrol at GH¢11.24 from an earlier GH¢12.69 per litre, a litre of diesel for GH¢11.24 from the earlier GH¢11.69.

Other Oil Marketing Companies are selling between GH¢11.20 and GH¢11.90.

This will be the second consecutive time fuel prices have been reduced.

The reduction has been attributed to the stability of the cedi despite the festive celebrations.

SSD/NOQ

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