Ghana has been ranked 15th among African countries with the lowest fuel prices, according to the latest continental pricing data, reflecting a modest improvement in its relative position despite sustained upward pressure on domestic pump prices.

The data shows that petrol in Ghana is currently priced at approximately $1.30 per litre, while diesel sells for about $1.16 per litre. Although this places the country in the mid-tier range across Africa, it masks the reality of rising fuel costs within the local economy, where consumers have experienced consistent price increases in recent months.

The upward trend in fuel prices is being driven primarily by external factors, notably the surge in global crude oil prices. Brent crude has climbed to around $95 per barrel amid heightened geopolitical tensions in the Middle East, increasing the cost of refined petroleum products on the international market. As a net importer of fuel, Ghana remains highly exposed to such global price shocks.

Domestically, pricing adjustments by the National Petroleum Authority have also contributed to the increases. The regulator recently revised price floors upward, resulting in a more than 3% rise in fuel prices in early April. This has translated into significant jumps at the pump, with petrol prices rising from approximately GH¢11.57 to GH¢13.30 per litre, and diesel increasing from GH¢14.35 to GH¢17.10 per litre over the same period.

Currency depreciation has further compounded the situation. The weakening of the Ghanaian cedi against major trading currencies, particularly the US dollar, has increased the cost of importing fuel, amplifying the impact of global oil price increases on domestic consumers.

Across the continent, countries such as Libya, Angola, and Algeria continue to record the lowest fuel prices, largely due to heavy subsidies and domestic oil production. In contrast, countries including Malawi, Zimbabwe, and Central African Republic rank among the most expensive, reflecting supply constraints and currency challenges.

Looking ahead, further increases in domestic fuel prices remain likely. The Chamber of Petroleum Consumers (COPEC) has projected potential hikes of up to 10% for petrol and between 13% and 17% for diesel in the coming pricing windows, citing continued volatility in global oil markets and persistent currency pressures.

While Ghana’s improved ranking may suggest relative affordability, the underlying trend points to growing cost pressures, with significant implications for inflation, transport costs, and overall economic stability.