Posted: Sunday, September 12, 2021. 6:13 am CST.
The views expressed in this article are those of the writer and not necessarily those of Breaking Belize News.
CONTRIBUTED: The cost of Liquefied Petroleum Gas (LPG) has been steadily rising internationally this year, with Mont Belvieu prices for propane and butane currently at the highest levels since 2012.
Propane prices have gone from a low of US$ 0.20 per gallon on March 23, 2020, to a recent high of US$ 1.20 per gallon on September 3, 2021. That is a multiple of 6 times in 18 months. Butane price trends are similar with prices on September 23, 2021, at US$ 1.48 per gallon. Industry forecasts are projecting further increases in LPG prices over the coming winter months.
The below graph shows the price increases in Propane and Butane over the last three months alone.
The current imbalance in supply and demand compounded by the COVID-19 pandemic and high seasonal demand (primarily attributed to increasing demand in Asia markets as US production and inventories dwindle) is driving the current price surge.
Propane is an important component in the production of medical-grade plastics which are in heavy demand at the moment. This increase in price has affected the entire region. In Guatemala for example, the official government website shows a price per hundred lb cylinder at $133 Dollars Belize which is higher than the price in Belize.
Belize has also been affected by the rising international costs of butane this year. The country has seen seven price adjustments for butane for the year to date, the first of which came on January 9, and the most recent on August 31.
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