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Oil firms increase cooking gas price

COOKING gas prices went up by P4.15 per kilo, or P45.65 per 11-kilo tank, to reflect the higher prices of liquefied petroleum gas in the world market.

“Petron will increase Gasul and Fiesta gas prices by P4.15 per kilo effective 12:01 a.m., Jan. 1,” Petron said. Other oil players are expected to follow suit.

Petron also increased the price of Xtend autoLPG by P2.32 per liter.

“These reflect increase in international LPG contract prices,” the oil refiner said. Oil companies adjust LPG prices on a monthly basis.

Oil prices, meanwhile, may go up this week, according to industry sources.

“Our estimate is an increase of P0.40 to P0.60 per liter for Monday to Wednesday trading days last week,” the source said.

Latest Energy department monitoring showed that crude oil were still trading above US$50 per barrel for three weeks in a row, supported by a deal by the Organization of the Petroleum Exporting Countries  and nonmembers to lower output by almost 1.8 million barrels per day from Jan. 1.

The department, however, said that while major Opec producers including Saudi Arabia and Iraq have informed their customers that delivery of supply will be slashed in line with the Opec deal, Libya and Nigeria are exempt because conflict has already curbed their output.

Libya’s National Oil Corp anticipates to add 270,000 barrels per day to national production over the next three months after announcing the reopening of pipelines leading from two major fields.

Last December 27, the oil companies implemented an increase of P0.50 per liter in gasoline and P0.25 per liter in diesel. There was no movement in the price of kerosene.

Accordingly, year-to-date adjustments of gasoline and diesel rose to net increase of P7.94 and P9.53 per liter, respectively.

Topics: cooking gas price , liquefied petroleum gas
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