• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Price of Liquefied Petroleum Gas goes up by 5%

3 years ago
in Energy, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
75
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Price of Liquefied Petroleum Gas goes up by 5%

Following the restoration of the Price Stabilisation and Recovery Levy on fuel products, Liquefied Petroleum Gas (LPG) prices is set to experience a 5% adjustment from today, March 3, 2022.

The restored PSRL is ¢0.16 pesewas per litre on petrol, ¢0.14 per litre on diesel, and ¢0.14 per kilogram of LPG.

Analysts have warned that the restored PSRL and its attendant increase in the price of LPG will further decrease the commodity’s consumption rate as well as  worsen the predicament of the ordinary consumer.

LPG is now ¢9.76 per kilogram, translating to about ¢140 for a 14.5 kg cylinder.

The price moved from ¢7.89 to ¢8.12 in December 2021. In the second pricing window of January 2022, it went up to ¢8.22.

In the first pricing window of February 2022, the price went up to ¢8.60 and went up again in the second window to ¢9.29.

RelatedPosts

The 10 Fastest-Growing Trading Nations in Africa

Nigeria’s 1.6 Million Container Trade Far Less Than it’s Ports Potential – Logistics Expert

Inside Details of Presco’s $172m Acquisition of SOP, Ghana Oil Palm Firm

Currently, the price stands at ¢9.76.

According to the Vice President of the LPG Marketers Association, Gabriel Kumi, the development can be attributed to the cedi’s poor performance.

He noted that, “once the cost keeps moving up and you have constant taxes and levies, you expect that the price will continue to go up.”

The LPG Marketers Association also added that the rapid change in prices is affecting their business due to the declining consumption rate of LPG.

“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.

Read: Government urged to increase interest rate to stop cedi depreciation

Government on the other hand, has set an agenda to make the product accessible to many Ghanaians by increasing consumption of the commodity from 25% to 50% by 2030.

However, many have argued this objective may not be achievable, considering the speed with which the commodity price is skyrocketing.

Meanwhile, the National Petroleum Authority (NPA) has said it is discussing with the Finance and Energy Ministries to find a manageable solution to the persistent rise in fuel prices.

It says the engagements will largely discuss the possible removal of some taxes on petroleum products.

The Head of Pricing at the National Petroleum Authority (NPA), Abass Ibrahim Tasunti, says the NPA has presented some proposals to Cabinet for consideration.

“We have made some recommendations to the government as to what it can do, but it all depends on the government’s fiscal space.

“Of all the taxes, which one could have been touched? From the law, the Price and Stabilisation and Recovery Levy is the one that could have been used to support the consumer. Our work is to make sure there is fair pricing,” he said.

Meanwhile, the Energy Ministry has said Ghanaians will pay back whatever government spends as subsidies.

According to the Deputy Minister, Andrews Agyapa Mercer, this calls for a conversation that ought to be had among stakeholders as the country strives to fashion out a solution to the problem.

“It’s a process that has commenced. The NPA has sent the letter to us, and we’ve forwarded it to the appropriate authorities; it’s going to be deliberated, and then whatever decision is taken is going to be in the best interest of all of us.”

“If that decision is taken that government has to subsidise fuel, we all ought to know that post the issues being resolved, prices coming down, whatever amount of money government would have expended would still have to be paid back by all of us,” he said.

Tags: ghanaLiquefied Petroleum Gas (LPG) pricesNational Petroleum Authority (NPA)Price of Liquefied Petroleum Gas goes up by 5%Price Stabilisation and Recovery Levy
No Result
View All Result

Highlights

Africa’s Richest Economy’s Currency Hits Nine-Month High as Fed’s Dovish Signal Weakens Dollar

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

Senegal and Mercedes-Benz Partner to Build Trucks

INTERPOL Recovers Over $90 Million From African Crime Syndicates

Djokovic and Gauff Gear Up for US Open with Strategic Focus

Trending

Business

The 10 Fastest-Growing Trading Nations in Africa

August 23, 2025

The 10 Fastest-Growing Trading Nations in Africa Against the backdrop of shifting dynamics in global trade, several...

Nigeria’s 1.6 Million Container Trade Far Less Than it’s Ports Potential – Logistics Expert

August 23, 2025

Inside Details of Presco’s $172m Acquisition of SOP, Ghana Oil Palm Firm

August 23, 2025

Africa’s Richest Economy’s Currency Hits Nine-Month High as Fed’s Dovish Signal Weakens Dollar

August 23, 2025

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

August 23, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.