According to GlobalPetrolPrices.com, Ghana maintained its 10th place as the country with the lowest fuel price in Africa in April 2024.
Ghana is ranked 40th in the world with an average fuel price of $1.051 per litre.
Right now, a liter of gasoline costs $1.34 on average somewhere in the world.
With the lowest gasoline price of $0.031 per litre on the African continent, Libya ranked first globally.
With fuel prices per litre of $0.281 and $0.342, respectively, Egypt and Algeria ranked second and third, respectively.
Angola ($0.359), Nigeria ($0.549), Sudan ($0.700), Tunisa ($0.800), Liberia ($0.968), and Gabon ($0.968) were the countries ranked fourth, fifth, sixth, seventh, eighth, and ninth, respectively.
According to the research, in many African countries, high transportation costs can exacerbate deprivation by limiting access to essential goods and services like food, healthcare, and education.
Once more, reduced gasoline prices can assist to mitigate this problem by lowering the cost of transportation, particularly for low-income individuals and rural areas.
The price of Brent crude is expected to average $84 per barrel in 2024, up from $83 per barrel the previous year, according to the World Bank, which has predicted an increase in oil prices this year.
It stated that this is a reflection of the tight supply-demand balance and the recent escalation of geopolitical tensions in its April 2024 Commodity Markets Outlook.
The Bretton Woods institution states that this prognosis, which is based on the assumption that there won’t be any more conflict escalation, predicts that the average oil price would gradually decline from its levels in early April of 2024 as the recent surge in the risk premium fades.
