The price of Liquefied Petroleum Gas (LPG) is set to decrease by around 7.0% starting from tomorrow, June 16, 2023. The LPG Marketers Association has announced that this reduction is a result of a roughly 10% drop in international prices of the commodity.
Gabriel Kumi, the Vice President of the LPG Marketers Association, explained that despite the depreciation of the local currency, the decline in crude oil and finished product prices on the global market should lead to a decrease in the local market price by approximately 7.0%.
“Consumers should expect a decline in the prices of LPG starting tomorrow [June 16, 2023]. We anticipate an average decrease of about 7.0% in the price of LPG,” stated Gabriel Kumi. He further mentioned that if market competition is favorable, the decrease could even reach 10%.
Crude oil prices have remained relatively stable, fluctuating between $73 and $76 per barrel over the past two weeks.
Previously, the Chamber of Petroleum Consumers had predicted a slight increase in petrol and diesel prices, while the price of LPG was expected to remain unchanged for the next two weeks.