Latvia: Market for Liquefied Petroleum Gas (LPG) 2025

Market Size for Liquefied Petroleum Gas (LPG) in Latvia

The Latvian liquefied petroleum gas (LPG) market declined notably to $X in 2022, waning by -29.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then contracted dramatically in the following year.

Exports of Liquefied Petroleum Gas (LPG)

Exports from Latvia

In 2022, shipments abroad of liquefied petroleum gas (LPG) increased by 62% to X tons, rising for the second year in a row after three years of decline. In general, total exports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +77.5% against 2020 indices. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, liquefied petroleum gas (LPG) exports skyrocketed to $X in 2022. Over the period under review, exports enjoyed notable growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Lithuania (X tons), Poland (X tons) and Estonia (X tons) were the main destinations of liquefied petroleum gas (LPG) exports from Latvia, together comprising 79% of total exports. Cyprus and Ukraine lagged somewhat behind, together accounting for a further 17%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cyprus (with a CAGR of +60.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for liquefied petroleum gas (LPG) exported from Latvia were Lithuania ($X), Poland ($X) and Estonia ($X), with a combined 81% share of total exports. Cyprus and Ukraine lagged somewhat behind, together accounting for a further 15%.

Cyprus, with a CAGR of +56.2%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average liquefied petroleum gas (LPG) export price stood at $X per ton in 2022, increasing by 13% against the previous year. Overall, the export price, however, saw a mild setback. The most prominent rate of growth was recorded in 2021 an increase of 65%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Poland ($X per ton) and Estonia ($X per ton), while the average price for exports to Cyprus ($X per ton) and Ukraine ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ukraine (+8.4%), while the prices for the other major destinations experienced a decline.

Imports of Liquefied Petroleum Gas (LPG)

Imports into Latvia

In 2022, approx. X tons of liquefied petroleum gas (LPG) were imported into Latvia; declining by -9.5% compared with 2021. In general, total imports indicated a tangible expansion from 2012 to 2022: its volume increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +57.1% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 74%. As a result, imports reached the peak of X tons, and then reduced in the following year.

In value terms, liquefied petroleum gas (LPG) imports surged to $X in 2022. Over the period under review, imports, however, posted a slight expansion. The pace of growth was the most pronounced in 2021 with an increase of 76%. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Russia (X tons) was the main liquefied petroleum gas (LPG) supplier to Latvia, accounting for a 91% share of total imports. Moreover, liquefied petroleum gas (LPG) imports from Russia exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Russia stood at +5.7%.

In value terms, Russia ($X) constituted the largest supplier of liquefied petroleum gas (LPG) to Latvia, comprising 90% of total imports. The second position in the ranking was taken by Lithuania ($X), with a 7.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Russia totaled +3.2%.

Import Prices by Country

The average liquefied petroleum gas (LPG) import price stood at $X per ton in 2022, with an increase of 68% against the previous year. In general, the import price, however, continues to indicate a perceptible decline. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Lithuania ($X per ton), while the price for Russia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (-2.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform