Ghana, among its African peers, has been ranked the 10th African country with the lowest fuel prices in the month of March by GlobalPetrolPrices.com, a website that monitors gas prices worldwide.
Globally, Ghana ranks as the 39th country with the lowest cost of fuel.
Price of petrol and diesel at the various pumps across the country sell between GH¢12.02 and GH¢13.29 per litre, from the previous GH¢11.87 per litre; and between GH¢13.21 and GH¢14.60 per litre from the previous GH¢12.85 per litre respectively.
According to GlobalPetrolPrices.com, the average price of fuel in Ghana is $1.019 (GHS 13.03), cheaper than the average cost of $1.30 per liter worldwide.
The importance of a low fuel price cannot be overstated, particularly in countries with low-income levels. Low gasoline prices have an impact on many facets of the global economy.
They empower consumers and companies and shape the market, all while ensuring that an economy can function smoothly. For this reason, governments work to keep the price of fuel somewhat low.
While some nations sell at a slower rate than the global average, some sell at a greater rate.
It is important to note that industries that rely significantly on transportation, such as manufacturing, logistics, and agriculture, may see increased operating costs when fuel pries are high. This might thus result in lower profit margins, especially considering regions that rely on electricity generators.
So to say fuel cost in some African countries is a major economic catalyst is an understatement.
With that said, here are the 10 African countries with the lowest fuel prices in March 2024.
| Rank | Country | Fuel price (current) | Global rank | Fuel price (January) | Global rank (January) |
|---|---|---|---|---|---|
| 1. | Libya | $0.031 | 2nd | $0.031 | 2nd |
| 2. | Algeria | $0.342 | 5th | $0.342 | 4th |
| 3. | Angola | $0.362 | 6th | $0.362 | 6th |
| 4. | Egypt | $0.404 | 7th | $0.403 | 7th |
| 5. | Nigeria | $0.428 | 8th | $0.722 | 22nd |
| 6. | Sudan | $0.700 | 21st | $0.700 | 20th |
| 7. | Tunisia | $0.810 | 25th | $0.824 | 27th |
| 8. | Liberia | $0.974 | 33rd | $1.021 | 41st |
| 9. | Gabon | $0.984 | 35th | $1.002 | 39th |
| 10. | Ghana | $1.019 | 39th | $1.033 | 44th |
Source: GlobalPetrolPrices