Despite prices of petroleum products going down by about 9%, Ghana has fallen 11 places to the 31^st position in Africa with the lowest fuel prices.

According to GlobalPetrolPrices.com which tracks prices of petroleum products globally, Ghana’s average petrol price of $1.4011 per litre in June 2025 ranks it 109^th globally compared with 77^th in May 2025 ($1.211).

It is unclear the sudden significant jump in Ghana’s position despite the Ghana cedi improving in value against the US dollar by nearly 40%. Questions are also being asked about whether there are hidden taxes in the petroleum price build-up.

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 $0.349 per litre. They were ranked 4^th and 6^th respectively, in the world.

From the 4th, 5th, 6th, 7th, 8th and 9th were Egypt ($0.382), Nigeria ($0.527), Sudan (0.700), Tunisa ($0.846), Liberia ($0.871), Ethiopia ($0.8971) and DR Congo ($1.029) respectively.

Oil Marketing Companies (OMCs) across the country began reducing prices of petroleum products at the pumps from June 1, 2025. The reduction in prices will be for two weeks in June 2025, beginning June 1, 2025.

Reasons for Adjustments

The Chamber of Oil Marketing Companies, in its Price Outlook Report, revealed that the expected reduction in prices of petroleum products was purely due to the cedi’s appreciation.

According to the Chamber, the Ghanaian cedi appreciated significantly against the US dollar in the second half of May 2025, strengthening from GH¢13.99 to GH¢12.15, a gain of approximately 13.11%.

This offset a rise in the price of finished petroleum products in the world market.