Ghana drops to 31st in Africa for Lowest Fuel Prices despite Cedi gains
Despite a roughly 9% drop in petroleum product prices, Ghana has fallen 11 places to 31st in Africa for the lowest fuel prices.
According to GlobalPetrolPrices.com, which tracks global petroleum prices, Ghana's average petrol price was $1.4011 per litre in June 2025, ranking it 109th worldwide, down from 77th in May 2025 when the price was $1.211.
The cause of this sudden and significant decline in Ghana's ranking is not clear, particularly given that the Ghana cedi has appreciated nearly 40% against the US dollar. There are also questions about whether hidden taxes are affecting the petroleum price structure.
Libya remains at the top in Africa for the lowest fuel price, which is $0.027 per litre, making it the cheapest in the world as well.
Angola and Algeria follow in 2nd and 3rd places, with fuel prices of $0.327 and $0.349 per litre, respectively, ranking 4th and 6th globally.
In the 4th to 9th positions are Egypt ($0.382), Nigeria ($0.527), Sudan ($0.700), Tunisia ($0.846), Liberia ($0.871), Ethiopia ($0.8971), and DR Congo ($1.029).
Beginning June 1, 2025, Oil Marketing Companies (OMCs) in Ghana started reducing the prices of petroleum products at the pumps. This price cut is expected to last for two weeks in June 2025, starting on June 1, 2025.
The Chamber of Oil Marketing Companies revealed in its Price Outlook Report that the expected decrease in petroleum product prices is mainly due to the appreciation of the cedi.
The Chamber highlighted that the Ghanaian cedi experienced a notable increase against the US dollar in the latter part of May 2025, improving from GH¢13.99 to GH¢12.15, which is an increase of approximately 13.11%. This appreciation offset the rise in the price of finished petroleum products in the global market.