Ghana has been listed as the 44th country with the most affordable fuel prices globally in a recent report by GlobalPetrolPrices.com.
Per the report, Ghana’s average petrol price stands at $1.033 (GHS 12.34) as of January 9, 2024.
According to GlobalPetrolPrices.com, a platform that tracks the prices of gasoline globally, the average price of gasoline around the world is $1.30 per liter.
Nigeria, Africa’s biggest economy ranked 22nd with the country’s average petrol price standing at $0.722 as of January 8, 2024.
Iran claimed the top position for providing the world’s most inexpensive gasoline, priced at an exceptionally low $0.029 per litre, while Hong Kong took the lead with the highest recorded price of $3.101 per litre.
The report highlighted the substantial disparities in petrol prices influenced by the diverse taxes and subsidies on fuel production within individual countries.
“The average price of gasoline around the world is $1.30 per litre. However, there is a substantial difference in these prices among countries.
“As a general rule, richer countries have higher prices, while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the U.S., which is an economically advanced country but has low gas prices.
“The differences in prices across countries are due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different,” the report noted.
Top 10 African countries with the cheapest fuel prices at the start of 2024
Rank Country Fuel price Global rank
1. Libya $0.031 2nd
2. Algeria $0.342 4th
3. Angola $0.362 6th
4. Egypt $0.403 7th
5. Sudan $0.700 20th
6. Nigeria $0.722 22nd
7. Tunisia $0.824 27th
8. Gabon $1.002 39th
9. Liberia $1.021 41st
10. Ghana $1.033 44th
