A report by GlobalPetrolPrices.com ranks Ghana as 10th in Africa with the most affordable fuel prices in March 2024.

On the global scale, Ghana sits comfortably at the 39th position for the cheapest fuel costs.

Currently, petrol prices in Ghana range from GH¢12.02 to GH¢13.29 per liter, while diesel falls between GH¢13.21 and GH¢14.60 per liter. This represents an increase from the previous rates.

According to GlobalPetrolPrices.com, the average price of fuel which is GH¢13.03 is cheaper than the global average of $1.30 per liter.

“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”, the report stated.

It explained that Ghana’s ranking as the 10th cheapest fuel provider in Africa offers a double-edged sword, stressing, that while consumers and some businesses benefit, the petroleum sector might face challenges.

“By adopting strategic approaches to efficiency, tax diversification, and infrastructure development, Ghana can mitigate potential downsides and leverage this ranking to create a win-win situation for all stakeholders”, the report added.

Meanwhile, some nations sell petroleum products at a lower rate than the global average.

Affordable fuel prices play a crucial role in economies, particularly those with lower income levels. Similarly, Lower gasoline prices benefit both consumers and businesses by empowering consumers and businesses through increased purchasing power which translates to a more vibrant economy.

Fuel costs also influence market trends and consumer behavior as affordable fuel helps maintain essential operations across various sectors.