Ghana, Namibia, Nigeria and South Africa Cut Fuel Prices Amid Falling Oil Costs

In Ghana, state-owned GOIL and private Star Oil lowered petrol to GH₵12.79 per litre and diesel to GH₵15.35–15.95 per litre, reflecting a 7.8% and 3.8% drop respectively after the National Petroleum Authority revised price floors.

Namibia’s government reduced the July pump price of petrol by N$1.00 per litre to N$22.48 and diesel by N$4.00 per litre, citing lower international crude prices, easing Middle‑East tensions and a stronger Namibian dollar. The ministry also announced a temporary overhaul of fuel procurement to eliminate import premiums.

In Nigeria, major marketers such as the Nigerian National Petroleum Company and Dangote Refinery indicated that petrol prices could fall toward N1,000 per litre as crude oil slipped below $72 a barrel, though some stations still sold above N1,200 per litre. Regulators warned against profiteering while marketers argued they were operating at a loss.

South Africa’s National Treasury announced the first fuel price decline in months, with petrol 93 falling by 201 cents to R25.94 inland and diesel dropping by 314 cents to R24.78, driven by lower Brent crude (around $75 per barrel) and a stronger rand. The full fuel levy relief has ended, but over‑recoveries allowed significant cuts.

Across the region, the reductions are attributed to moderating global oil prices, improved exchange rates and policy adjustments, offering relief to motorists and businesses facing high transport costs.