The Liquefied Petroleum Gas (LPG) Marketers Association has hinted at a fall in price by about 7.0% from tomorrow, June 16, 2023.
According to the association, a drop of about 10% in the prices of the commodity is expected on the international market.
The Vice President of the association, Gabriel Kumi, said though the cedi has lost some ground, 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”.
“If we are lucky, competition can drive that down to about 10%,” he disclosed.
Crude oil has been relatively stable, hovering around $73-76 per barrel over the past two weeks.
The Chamber of Petroleum Consumers had earlier predicted a marginal increase in petrol and diesel prices with unchanged LPG prices for the next two weeks.
On June 14, American multinational financial services JP Morgan significantly reduced its forecast for Brent Crude prices for this year to $81 per barrel, down from $90 a barrel expected earlier.
As early as February this year, JP Morgan said that Brent Crude prices were not expected to reach $100 per barrel in 2023 unless a significant geopolitical event rattles markets again.