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LPG price to go up by 4%, says COPEC

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LPG outlet

The Chamber of Petroleum Consumers (COPEC) is projecting a marginal 4.36% increase in prices of Liquified Petroleum Gas from Wednesday 1 March 2023.

COPEC is attributing the increase to the hike in LPG prices from US$699.45/MT to US$702.50/MT (4.94%) on the international market.

A statement issued by COPEC said: “With the international price increasing from US$699.45/MT to US$702.50/MT (4.94%) the projected retail price of LPG is expected to increase by about 4.36% from the current average of 13.86/kg to GHC14.46/kg.”

“The current high retail prices of LPG has contributed to consumption generally dropping by 12% year on year in 2022, the statement added.

Below are excerpts of the statement:

With the international price increasing from $699.45/MT to $702.50/MT (4.94%) the projected retail price of LPG is expected to increase by about 4.36% from the current average of 13.86/kg to GHS14.46/kg.

These expected drops in prices for the second time running since the second pricing window of February 2023 does not have any correlation with the much-touted Gold for Oil programme as these movements are simply a derivative of market forces at play within the period, we still await the reductions the two cargoes brought in this month will add to the relieving the suffering of the petroleum consumer.

Advice on LPG consumption

The current high retail prices of LPG has contributed to consumption generally dropping by 12% year on year in 2022,

It will be prudent If authorities did take a second look at the factors contributing to high prices of a commodity which Ghana has in enormous commercial quantities to ensure price stability or decline if the government’s 50% penetration target is to be ever achieved and to continuously promote its usage with the overall environmental promotion in mind.

 

Reporting by Fred Dzakpata in Accra

 

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