Consumers of Liquefied Petroleum Gas (LPG) are expected to see a fall in the price of the commodity by 7 per cent effective tomorrow, June 16, 2023.

The LPG Marketers Association has attributed the local decline to the 10% drop in the prices of LPG on the international market.

According to the Association’s Vice President, Gabriel Kumi, “competition can drive that down to about 10%”.

In April this year, the price of LPG declined by 5% with the product selling at GHS12.40 per liter from GHS13.20. This will be the fourth consecutive time price of the commodity has seen a marginal drop this year.

In its May 2023 Monetary Sector Report, the Bank of Ghana noted that crude oil prices have broadly trended downwards since June 2022.

From US$117.2 per barrel in June 2022, prices plunged to US$81.3 per barrel in December 2022, before moving slightly up to US$82.7 per barrel in April 2023.

Prices were pressured by concerns over the health of the global economy and prospects of oil demand, despite the announced production cut by OPEC+, the Central Bank noted.

Source: The Independent Ghana