Weekly price of petrol in Ghana 2020-2023

As of May 29, 2023, the price of gasoline in Ghana stood at 13.2 Ghanaian cedis (GHS) per liter, corresponding to roughly 1.19 U.S. dollar. This decreased from the prices in December 2022 but considerably increased compared to most of the previous weeks observed. Since January 03, 2022, the price of gasoline in Ghana has increased by over 91 percent.

Increasing petroleum consumption

In March 2023, about 146.000 metric tons of gasoline were consumed in Ghana, which represented an increase in consumption compared to the preceding month. Furthermore, in 2021, over 4.6 million metric tons of petroleum products were consumed in the country, of which around 1.8 million metric tons were Automotive Gas Oil (AGO).

Ghana’s oil production and trade

In 2020, 173 thousand barrels of crude oil per day were produced in Ghana. In 2021, at the company level, Ghana Oil Company Limited (GOIL), one of the leading petroleum product marketing companies in Ghana, accumulated revenue from sales amounting to 5.29 billion Ghanaian cedis (GHS), roughly 366 million U.S. dollars. Comparatively, in the same year, Total Petroleum Ghana, also a major petroleum company in the country, registered a revenue that amounted to 3.22 billion GHS, some 222 million U.S. dollars.