The Executive Director of the Institute for Energy Policies and Research (INSTEPR), Kwadwo Nsafoah Poku, has hinted at an imminent decrease in Liquefied Petroleum Gas (LPG) prices, signaling a potential relief for consumers.

He commended the National Petroleum Authority (NPA) management for its effective leadership and innovative approach in implementing the cylinder recirculation model (CRM).

In a statement on Friday, February 2, Poku, recognizing the efforts led by Dr. Mustapha Hamid, highlighted the introduction of an international tender for LPG importation by the NPA management.

Mr Poku expressed optimism that the tendering process, fostering competition in LPG pricing, would result in a gradual reduction in LPG prices in the upcoming months.

“Led by Dr. Mustapha Hamid, the NPA management has introduced an international tender for LPG importation,” he wrote on Friday, February 2.

“This tendering process has introduced competition in the pricing of LPG, and consumers can expect to see a gradual reduction in LPG price in the coming months.”

Acknowledging past challenges with CRM since its introduction post the 2017 gas explosion at Atomic Junction in Accra, he stressed the importance of addressing the implementation of this capital-intensive policy while ensuring continued affordability for households.

Under CRM, customers no longer need to purchase gas cylinders, as pre-filled cylinders of various sizes are provided, allowing customers to exchange their empty cylinders for filled ones.

He emphasized the urgent need to evaluate and reform the petroleum downstream value chain, especially given private sector participation in the sector for over 15 years.

He noted the key decision of revamping the Tema Oil Refinery (TOR) and suggested establishing a roadmap for TOR, emphasizing the potential for comprehensive discussions on fuel security and affordability in the coming years with private refineries in Ghana.