Ghanaians or consumers of Liquefied Petroleum Gas (LPG) will have to cough up more for the product as there is a 5% upward adjustment from today, March 3, 2022.
The new development is due to the restoration of the Price Stabilisation and Recovery Levy (PSRL) on fuel products.
The restored PSRL is ¢0.16 pesewas per litre on petrol, ¢0.14 per litre on diesel, and ¢0.14 per kilogram on LPG.
Following the restoration of the PSRL, LPG is now ¢9.76 per kilogram, translating to about ¢140 for a 14.5 kg cylinder.
In an interview with Joy News, the vice president of the LPG Marketers Association, Gabriel Kumi, said the latest development is to be blamed on the poor performance of the cedi to the US dollar.
“Once the cost keeps moving up and you have constant taxes and levies, you expect that the price will continue to go up,” he said.
In the first pricing window, the price moved from ¢7.89 to ¢8.12 in December 2021. In the second window of January 2022, it went up to ¢8.22.
In the first window of February 2022, the price went up to ¢8.60 and went up again in the second window to ¢9.29.
Currently, the price stands at ¢9.76.
Mr. Kumi also opined that the rapid change in prices of LPG is affecting the business of the LPG Marketers Association because consumption of the product declines.
“Business is not doing too well because if you look at the statistics, the consumption of LPG is on a serious decline. So if measures are not taken, and the price continues to go up as it is going now, there will be a lot of negative consequences.”
“Today, some of our members have started laying off workers, and we are not growing. The consequences are quite dire,” Gabriel Kumi added.
In a related development, the government of Ghana wants to make LPG available and accessible to many by increasing consumption of the commodity from 25% to 50% by 2030.
