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Did you know that Ghana is one of the most expensive countries in Africa to buy fuel? Well, that’s the latest finding by Paakwesiasare.biz after sampling a total of 43 countries in Africa. Ghana’s price of ($1.22) came 13th rubbing elbows, unfortunately with countries such as Rwanda, Senegal, Morocco, Burundi, South Africa, and Uganda who placed 14th,15th,16th,17th,18th, and 19th respectively with a liter of gas selling at between ($1.25) to ($1.38) dollars. Zimbabwe was the highest with 2.15 usd per liter, followed by the Central African Republic and Mayotte.

Libya remained the country with the cheapest gas prices, selling at ($0.03) followed by Algeria, Angola, and Nigeria after careful analysis of figures put out by globalpetrolprices.com. It is particularly shocking in the case of Ghana because the West African country appears to be the only oil-producing country with a very high cost of fuel per liter, most of which is driven by a plethora of taxes. As a general rule, richer countries have higher prices while poorer countries and those that produce, and export oil have significantly lower prices. The differences in prices across countries are mainly due to the various taxes and subsidies for gasoline. It is worthy to note that countries have equal access to the same petroleum prices of international markets but then decide to impose different taxes.

Venezuela has the cheapest price, just $0.03 per liter, followed by Libya ($0.03) and Iran ($0.05). Among the top ten cheapest, four countries are located in Asia and Africa each, and one each in South America in Europe. Hong Kong has the most expensive price of $2.83, followed by Norway.

Qatar is among the top 10 richest economies but has low gasoline price below $1. Prices are high in European nations as only four countries have less than one dollar. Russia has the lowest rate in Europe. 43 out of 47 European countries have a price above $1. This figure is 21 out of 40 in Asia, 12 out of 43 in Africa, 3 out of 24 in North America, 7 out of 12 in South America, and 0 out of 4 in Oceania.

Ghana’s case is not only that of an economy reeling under global economic pressures but also one that is facing a domestic crisis. High inflation, a struggling currency, and an economy classified as highly in debt distress with over 80 percent of debt to GDP.

It is worrying that non-oil producing countries such as Togo, Benin, Burkina Faso, and Liberia have much lower gas prices compared to Ghana which is a net exporter of crude oil. Last year, Energy Capital and Power ranked Ghana amongst the top ten oil-producing countries in Africa, sharing pride of place with countries such as Chad, Equatorial Guinea, Gabon, and the Republic of Congo. Of all these countries, Ghana has the most expensive gas prices.

Analysts have predicted that fuel prices could go up by as much as 11 cedis if the government fails to intervene to cushion the impact of soaring world market prices.