The average price of fuel in Ghana stands at $1.051 per litre
According to recent data from GlobalPetrolPrices.com, Ghana continues to hold its ground with the 10th lowest fuel prices across Africa as of April 2024.
The average price of fuel in Ghana stands at $1.051 per litre, placing the country at the 40th position globally. Comparatively, the worldwide average for gasoline or petrol currently rests at $1.34 per litre.
Taking the lead in Africa is Libya, boasting the continent's most affordable fuel at a mere $0.031 per litre, securing the second position globally. Following closely are Egypt and Algeria, claiming the 2nd and 3rd spots with fuel prices of $0.281 and $0.342 per litre, respectively.
The rankings continue with Angola ($0.359), Nigeria ($0.549), Sudan ($0.700), Tunisia ($0.800), Liberia ($0.968), and Gabon ($0.968) occupying the 4th to 9th positions, respectively.
Highlighting the broader implications, the report emphasizes how high transportation costs exacerbate deprivation by limiting access to essential goods and services, such as food, healthcare, and education, across many African nations. Conversely, lower fuel costs can serve as a remedy by reducing transportation expenses, particularly for those with limited incomes and residents of rural areas.
However, amidst these observations, the World Bank forecasts an upward trend in oil prices for the year, with Brent crude expected to average $84 per barrel in 2024, up from $83 per barrel the previous year. This projection reflects recent escalations in geopolitical tensions and a delicate balance between supply and demand.
The World Bank indicates this forecast assumes no further conflict escalation and thus anticipates that the average oil price for the remainder of 2024 will edge down from early April [2024] levels, as the recent risk premium increase abates.