March 3, 2024
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OIL & GAS

Ghanians May Experience Reduction in LPG Prices Soon

The Executive Director of the Institute for Energy Policies and Research (INSTEPR), Kwadwo Nsafoah Poku, said on Friday the second of February, that Ganian’s should expect a reduction in LPG prices soon.

This anouncement came after he commended the management of the National Petroleum Authority (NPA) for their leadership and innovation in seeing to the implementation of the cylinder recirculation model (CRM). He expressed belief that there will soon be reduction in LPG prices if the policies by the Authority are anything to go by.

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

The Director admitted that the CRM after its introduction, had faced challenges. He noted thus: “A key challenge has been finding ways to implement this capital-intensive policy while ensuring that LPG remains affordable for the average household.”Under the CRM, customers are no longer required to purchase gas cylinders, as they do not own them. “Instead, cylinders of various sizes are already filled with LPG, and customers exchange their empty cylinders for filled ones.”

He therefore called for an urgent need to examine and reform the petroleum downstream value chain. “With private sector participation in this sector for over 15 years, it is crucial to assess progress and plan for the future.”

For Mr Poku, revamping the Tema Oil Refinery by the government, will be a very vital decision, as this will will make the future of fuel a bright one in Ghana.

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