Ghana dropped significantly to the 20th position from the 13th position, with the lowest fuel price in Africa.
According to GlobalPetrolPrices.com, Ghana’s average petrol price of $1.211 per litre in May 2025 ranks it 77th globally compared with 48th in April 204.
It is unclear why a sudden sharp fall in Ghana’s position instead of a rise since the Ghana Cedi has been improving in value against the US dollar and the other major foreign currencies.
Libya retained the number one position in Africa with the lowest fuel price of $0.027 per litre on the African continent. It was also ranked first globally.
Angola and Algeria came 2nd and 3rd respectively, with fuel prices of $0.327 and $0.344 per litre. They were ranked 4th and 6th respectively, in the world
From 4th, 5th, 6th, 7th, 8th and 9th were Egypt ($0.377), Nigeria ($0.537), Sudan (0.700), Tunisa ($0.835), Liberia ($0.871), Ethiopia ($0.9221) and Gabon ($1.008) respectively.
Prices of petroleum products have been dropping but marginally at the pumps due to the stability of the Ghana cedi and falling crude oil price. A barrel of crude oil is presently going for $65.89 on the world market.
Meanwhile, the Chamber of Oil Marketing Company (COMAC) has confirmed to Joy Business that the prices of petroleum products would go down at the pumps from Friday, May 16, 2025.
Speaking to Joy Business, the Chief Executive of COMAC, Dr. Riverson Oppong said the reduction in prices was anticipated since the foreign exchange rate is major factor in the price determination.
“As we speak now, the benchmark prices are falling as well, and the U.S. is falling. That’s why you’ve seen petroleum product prices coming down. All the way from 15% to 13% today, on average”, he said.
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