Despite the cedi's depreciation to the US dollar, Ghana retained its 10th position with the lowest fuel price in Africa in May 2024, GlobalPetrolPrices.com has revealed.

Accordingly, Ghana’s average petrol price of $1.070 per litre ranks it 47th globally.

Libya also retained the number one position in Africa with the lowest fuel price of $0.031 per litre on the African continent but 2nd globally.

Egypt and Algeria came 2nd and 3rd respectively with fuel prices of $0.289 and $0.353 per litre.

From 4th, 5th, 6th, 7th, 8th and 9th were Angola ($0.353), Nigeria ($0.491), Sudan ($0.700), Tunisa ($0.811), Liberia ($0.966) and Gabon ($0.968) respectively.

Fuel prices were expected to ease from May 16, 2024, but the depreciation of the cedi to the American greenback prevented a drop in the prices of petroleum products.

This follows a reduction of prices of refined petroleum products on the international market which is wider than the cedi depreciation.

“Following the changes recorded on the international market for refined petroleum product, Gasoline [petrol], Gasoil [diesel] and Liquified Petroleum Gas (LPG) recorded a fall of about 5.68%, 4.51% and 4.72% respectively”, the Institute for Energy Policy revealed.

“In the second pricing-window for May 2024, ex-pump is expected to fall given the reductions recorded for refined petroleum products on the international market, which is wider than Ghana cedi depreciation”, it mentioned.