Liquefied Petroleum Gas (LPG) prices are set to increase by approximately 4.36%, from their current average of GHS 13.86 per kilogramme to GHS 14.46 per kilogramme, according to a statement issued by the Executive Secretary of the Chamber of Petroleum Consumers (COPEC).
The price increase is due to a rise in the commodity’s price on the international market.
The statement explains that “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 statement also notes that LPG consumption has decreased due to the country’s recent high retail prices.
“The current high retail prices of LPG have contributed to consumption generally dropping by 12% year over year in 2022,” it adds.
Last year, the price of LPG was increased more than three times, which was attributed to the fall of the cedi and the rapid increase in price hikes on the international market.
In other news, the COPEC predicts that fuel prices will decrease by an average of four cents per litre, beginning Wednesday, March 1, 2023.
The Chamber indicates that the expected drop in fuel prices would not be influenced by the government’s “gold for oil” programme.