Posted: Wednesday, October 6, 2021. 8:16 pm CST.
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CONTRIBUTED: Belizeans will not be seeing a break in the high prices of LPG known locally as “butane” any time soon. International LPG prices continue their surge with Mont Belvieu (MB) postings jumping to the highest since 2014.
To put this in context, MB LPG prices in September 2021 were 7 times more than in March 2020. Furthermore, on October 1, 2021 MB propane prices topped US$1.52 per gallon, up by some US$0.22 per gallon in two weeks. Closer to home, Guatemala has also been feeling the brunt of the surging prices as they have this week increased their regulated price for a 100 lb cylinder of LPG from Q480 (BZ$133) to Q528 (BZ$147). (Source: Government of Guatemala).
Even though the current regulated pricing regime holds the importer’s throughput cost and the distributors’ wholesale and retail margins constant, the rising acquisition prices are directly causing the increasing “Butane” prices that Belizean consumers are currently seeing on the arrival of each new LPG shipment to Belize.
As shown in the below graph, industry projections do not forecast any relief in prices until the summer months of 2022. The diminished production in the US and Russia, coupled with increasing demand in European and Asian markets, and low inventory levels worldwide all translate into a “perfect storm” slamming the LPG industry.
The following are some links to recent articles in the international media.
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