The price of liquefied petroleum gas (LPG) is on the rise in the international market, affecting the price in the local market.
LPG price has soared by around $264 per tonne in the global market since June 2020.
LPG traded at $336 per tonne in June last year, which soared to $600 per tonne in February this year--- the highest price in seven years.
As the LPG price is soaring in the global market, local LPG companies also hiked the price in the local market from the beginning of 2021.
LPG importers said the current price of LPG in the global market is the highest in seven years. In 2014, LPG price reached $620 per tonne.
LPG price soared from $336 to $346 per tonne in July last year, $351 in August, $358 in September, $378.5 in October, $437 in November, $457 in December and $536 in January before reaching $600 per tonne in February.
However, since the eruption of corona pandemic, price of LPG in the global market started falling. In April, LPG price fell to $250 per tonne. Following the downtrend of price in the global market, local importers also lowered LPG price in the local market at that time.