Despite a roughly 9% drop in petroleum product prices, Ghana has slipped 11 places to 31st position in Africa for the lowest fuel prices.
According to GlobalPetrolPrices.com, which tracks global petroleum prices, Ghana’s average petrol price of $1.4011 per litre in June 2025 ranks 109th worldwide, down from 77th in May 2025 when the price was $1.211 per litre.
This sudden and significant decline in ranking is puzzling, especially considering the Ghana cedi has strengthened by nearly 40% against the US dollar during this period. This has raised questions about possible hidden taxes within the petroleum pricing structure.
Libya remains the country with the lowest fuel price in Africa at just $0.027 per litre, also topping the global ranking.
Angola and Algeria follow, with fuel prices of $0.327 and $0.349 per litre respectively, ranking 4th and 6th worldwide.
Other countries rounding out the top nine lowest fuel prices in Africa include Egypt ($0.382), Nigeria ($0.527), Sudan ($0.700), Tunisia ($0.846), Liberia ($0.871), Ethiopia ($0.8971), and DR Congo ($1.029).
Oil Marketing Companies (OMCs) across Ghana started reducing petroleum prices at the pumps from June 1, 2025. This price reduction is expected to last for two weeks during June.
Reasons for Adjustments
The Chamber of Oil Marketing Companies, in its Price Outlook Report, explained that the price reduction results mainly from the cedi’s appreciation.
The Ghanaian cedi strengthened significantly against the US dollar in late May 2025, moving from GH¢13.99 to GH¢12.15, a gain of about 13.11%.
This gain offset a rise in the global price of finished petroleum products.