Accra, Ghana- As of July 1, 2024, Ghanaians will have to dig deeper into their pockets to purchase LPG, as prices are expected to increase by 5%. This hike is attributed to the cedi’s depreciation against the US dollar and the surge in international prices of finished petroleum products.
The LPG market has witnessed significant fluctuations over the past few years. In January 2020, a kilogram of LPG cost 5.81 cedis, which translated to 84 cedis for a 14.5-kilogram cylinder. Fast forward to December 2023, the price had more than doubled to 182 cedis for the same quantity.
The upward trend continued in March 2024, with prices reaching 230 cedis, and further increasing to 232 cedis in April 2024. As of June 2024, the price of LPG stood at 477.80 dollars per metric ton, equivalent to 15.96 cedis per kilogram.
The 5% price hike is expected to burden many Ghanaians who rely heavily on LPG for cooking and other domestic purposes. The government and industry stakeholders are urged to explore measures to mitigate the impact of this price increase on the populace.
Ruth Abla ADJORLOLO
