Ghana retained its 10th position with the lowest fuel price in Africa in April 2024, has revealed.

Accordingly, Ghana’s average fuel price of $1.051 per litre ranks it 40th globally.

The average price of gasoline or petrol presently around the world is $1.34 per litre.

Libya came 1st with the cheapest fuel price of $0.031 per litre on the African continent but 2nd globally.

Egypt and Algeria came 2nd and 3rd respectively with the fuel prices of $0.281 and $0.342 per litre respectively.

From 4th, 5th, 6th, 7th, 8th and 9th were Angola ($0.359), Nigeria ($0.549), Sudan ($0.700), Tunisa ($0.800), Liberia ($0.968) and Gabon ($0.968) respectively.

The report pointed out that, high transportation costs can worsen deprivation by limiting access to basic products and services including food, healthcare, and education in many African countries.

Again, lower fuel costs can help to alleviate this issue by making transportation cheaper, especially for low-income persons and rural regions.

Meanwhile, the World Bank says oil prices are projected to increase this year, with the price of Brent crude averaging $84 per barrel in 2024, up from $83 per barrel last year.

In its April 2024 Commodity Markets Outlook, it said this reflects the recent ratcheting up of geopolitical tensions and a tight supply-demand balance.

According to the Bretton Woods institution, 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.