Ghana’s fuel price resilience amidst cedi depreciation

In the latest report by GlobalPetrolPrices.com, despite the depreciation of the Ghanaian cedi against the US dollar, Ghana has managed to hold onto its 10th position for having some of the lowest fuel prices across Africa in May 2024.

Ghana’s average petrol price stands at $1.070 per litre, positioning it at 47th place globally.

While the cedi’s decline against the dollar posed challenges, Ghana maintained its competitive edge in fuel pricing on the African continent.

Libya continues to lead the pack in Africa with the lowest fuel prices, boasting a remarkable $0.031 per litre, securing the 2nd spot globally.

Following Libya, Egypt and Algeria clinch the 2nd and 3rd positions respectively, with fuel prices standing at $0.289 and $0.353 per litre.

Angola, Nigeria, Sudan, Tunisia, Liberia, and Gabon trail behind in the 4th to 9th positions, with fuel prices ranging from $0.353 to $0.968 per litre.

Despite expectations of a reduction in fuel prices from May 16, 2024, the depreciation of the cedi against the US dollar thwarted this anticipation.

This setback comes in the wake of a decline in the prices of refined petroleum products on the international market, surpassing the cedi’s depreciation rate.

The Institute for Energy Policy disclosed that there was a significant drop in gasoline (petrol), gasoil (diesel), and liquified petroleum gas (LPG) prices by approximately 5.68%, 4.51%, and 4.72% respectively, driven by changes in the international market.

Despite this, the anticipated decline in ex-pump prices during the second pricing-window for May 2024 might be hindered by the cedi’s depreciation, which contrasts with the broader reductions observed in the global market for refined petroleum products.

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