Oil prices increased in the Philippines on Tuesday, while the government announced plans to confiscate substandard liquefied petroleum gas (LPG) tanks.
Seaoil Philippines, Chevron Philippines, PTT Philippines, Cleanfuel, Jetti Petroleum, and PetroGazz raised gasoline prices by P1.10 per liter and kerosene prices by P0.20 per liter. However, kerosene prices remained unchanged despite rising global oil prices.
The Department of Energy (DOE) attributed the price increases to several factors, including the U.S. Federal Reserve’s interest rate cut, tensions in the Middle East, and a decline in U.S. crude inventories. Additionally, maintenance at a Japanese refinery and Malaysia’s removal of subsidies for high-octane gasoline contributed to the price hikes.
In September, oil companies implemented a decrease in prices, but year-to-date, gasoline and diesel prices have still increased by P4.85 and P1.75 per liter, respectively. Kerosene prices have decreased by P6.35 per liter.
Republic Gas Corp. (Regasco) announced that the government will begin confiscating substandard or dilapidated LPG tanks starting in November. The government aims to replace approximately 4 million of these tanks by December 2025.
Regasco President Arnel Ty said that under the LPG Industry Regulation Act, around 12 million substandard and dilapidated LPG cylinders need to be replaced by December 2025. He added that the industry is investing P20 billion for the cylinder replacement program, which will not be passed on to consumers.
Ty emphasized the importance of replacing substandard cylinders to prevent accidents. He cited data from the Bureau of Fire Protection showing that there are approximately 4,000 LPG-related accidents annually.
“It will not be taken from consumers, not increase prices and will not be shouldered by the government,” he said.
