Starting from tomorrow, June 16, 2023, it is anticipated that the price of Liquefied Petroleum Gas (LPG) will decrease by approximately 7.0%. The LPG Marketers Association has attributed this reduction to a 10% decline in international market prices for the commodity.
Gabriel Kumi, the Vice President of the LPG Marketers Association, mentioned that despite some depreciation of the local currency, the decrease in crude oil and finished product prices globally should prompt a decrease in the local market price by around 7.0%.
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Kumi stated, “Consumers should expect a decline in the prices of LPG beginning tomorrow, with an average decrease of about 7.0%.” He also expressed the possibility that competition among marketers could drive the price reduction down to about 10%.
Over the past two weeks, crude oil prices have remained relatively stable, fluctuating between $73 and $76 per barrel.
Earlier, the Chamber of Petroleum Consumers had predicted a slight increase in petrol and diesel prices while expecting LPG prices to remain unchanged for the following two weeks.
