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Friday, March 1, 2024

Big LPG price cut at P9.20/k; Gas, diesel seen to cost more

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Petron Corp. announced a P9.20 per kilo price cut for liquefied petroleum gas effective today, even as domestic pump prices are expected to go up next week by as much as P1.50 per liter.

“Petron will implement a P9.20 per kilo rollback (VAT-inclusive) in LPG prices effective 0001H Apr. 1,” the oil firm said in its advisory.

This translates to a rollback of P101.20 per 11-kilo LPG tank used primarily by households.

“AutoLPG prices will likewise roll back by P5.14 per liter at the same time. These reflect the international contract price of LPG for the month of April,” Petron said.

Solane LPG also announced a price cut of P9.18 per kilo, VAT inclusive, effective today.

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Prior to the rollback, household LPG in Metro Manila ranged in price from P934 to P1,118 per 11-kilo cylinder.

On Feb. 1, oil firms raised the price of LPG by P10 to P11.20 per kilo, or about P110 to P123 per 11-kilo cylinder. Auto LPG prices likewise increased by P6.25 per liter.

Meanwhile, oil industry sources said there will be a price increase across all petroleum products next week based on the four-day tradingdata in the global oil market.

Gasoline prices are expected to go up by P1.30 to 1.50 per liter,diesel by P0.40 to P0.60 per liter, and kerosene by P0.30 to P0.50 per liter.

Department of Energy director for Oil Industry Management Bureau Rodela Romero confirmed the possible oil price hike on Tuesday.

“For the 4-day trading, we are expecting an increase in the prices ofpetroleum products due to an ease of tension brought about by the banking crisis and supply disruption in Turkey. Inventory of US fell down more than expected, especially for gasoline and distillates and at last a sign of strong demand in Asia due to China’s recovery,” Romero said.

On March 28, oil companies rolled back prices by P0.85 per liter for gasoline, P1.30 per liter for diesel, and P1.90 per liter for kerosene.

These resulted in a year-to-date net decrease for diesel at P4.15 per liter and kerosene at P5.55 per liter. Gasoline, on the other hand, has risen by P4.65 per liter.

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