Latest news with #GlobalPetrolPrices.com
Business Insider
15-05-2025
- Business
- Business Insider
Ghana falls to 20th position in Africa with lowest fuel price despite cedi gains
Ghana has been ranked the 20th cheapest country for petrol in Africa, according to the latest update from As of May 2025, the average pump price of petrol in Ghana stood at $1.211 per litre. Ghana ranks as the 20th cheapest country for petrol in Africa as of May 2025. The average petrol price in Ghana currently stands at $1.211 per litre, dropping from its previous position. The Ghanaian cedi has appreciated against major currencies, but this has not improved its petrol ranking. This represents a drop of seven places compared to April 2024, when Ghana ranked 13th on the continent and 48th globally. The country now places 77th in the world. Currency gains and crude oil decline fail to boost Ghana's position The fall in ranking comes despite the Ghanaian cedi's recent appreciation against major international currencies and a decline in global crude oil prices. Brent crude is currently trading at $65.89 per barrel, driven by reduced global demand and a stable outlook for supply. Libya remains the global leader in low petrol prices Libya continues to offer the cheapest petrol worldwide, priced at just $0.027 per litre. Angola follows with $0.327, while Algeria ranks third with $0.344 per litre. Egypt ($0.377), Nigeria ($0.537), and Sudan ($0.700) also offer significantly lower prices than Ghana. Other African nations ahead of Ghana in terms of petrol affordability include Tunisia, Liberia, Ethiopia, and Gabon. Domestic fuel market still faces challenges Although local fuel prices have declined moderately in recent weeks, Ghana's significant drop in the affordability rankings suggests underlying structural inefficiencies or pricing rigidities in the domestic fuel market. The Chief Executive of the Chamber of Oil Marketing Companies (COMAC), Dr Riverson Oppong, has indicated that fuel prices are expected to decline further from Friday, 16 May 2025. He attributed the expected reduction to 'favourable exchange rate movements and falling benchmark prices.'
Shafaq News
13-05-2025
- Business
- Shafaq News
Iraq in global top 10 for cheapest electricity
Shafaq News/ Iraq ranked tenth worldwide and third among Arab countries in terms of the lowest electricity consumption tariffs by the end of 2024. According to a website specializing in economic indicators, electricity prices in Iraq stood at $0.015 per kilowatt-hour for residential use and $0.046 per kilowatt-hour for commercial consumption. Globally, out of 140 countries, Zimbabwe topped the list with the cheapest electricity at $0.001 per kilowatt-hour, followed by Ethiopia at $0.003, Iran at $0.004, Cuba at $0.006, and Sudan at $0.006. Libya came in seventh with $0.007 per kilowatt-hour. At the opposite end, Bermuda recorded the highest electricity prices globally, reaching $0.472 per kilowatt-hour, followed by the Cayman Islands at $0.435. Within the Arab world, Sudan ranked first for the cheapest electricity tariffs, followed by Libya in second, Iraq third, Egypt fourth at $0.018 per kilowatt-hour, Syria fifth at $0.019, Oman sixth at $0.026, and Qatar seventh at $0.032. Meanwhile, the Iraqi Ministry of Electricity predicts that national demand could reach 55,000 megawatts during peak summer months. Current output hovers around 16,000 megawatts, with authorities targeting more than 27,000 megawatts by mid-year to mitigate chronic blackouts.
