Starting tomorrow, June 16, 2023, the price of Liquefied Petroleum Gas (LPG) is expected to decrease by approximately 7.0%.
The LPG Marketers Association has attributed this reduction to a decline of around 10% in international market prices for the commodity.
Vice President of the Association, Gabriel Kumi, said, though the cedi has lost some value, the drop in prices of crude oil and finished products on the international market should trigger a fall in the price on the local market by about 7.0%.
“Quite clearly consumers should expect a decline in the prices of LPG beginning tomorrow [June 16, 2023]. We are looking at an average of about 7.0% decrease in the price of LPG,” he told Joy News. “If we are lucky, competition can drive that down to about 10%”.
Over the past two weeks, crude oil prices have remained relatively steady, fluctuating within the range of $73 to $76 per barrel.
The Chamber of Petroleum Consumers had earlier predicted a marginal increase in the prices of petrol and diesel with unchanged price of LPG for the next two weeks.