The country’s oil firms raised the price of liquefied petroleum gas (LPG) by up to P0.30 per kilo or P3.30 per 11-kilo tank effective August 1 to reflect the higher price of LPG in the world oil market.
“Petron will implement a P0.30/kg (VAT-incl) increase in LPG prices effective 12:01 Aug 1. This reflects the international contract price of LPG for the month of August,” the country’s biggest oil firm said.
However, the Department of Energy (DOE) has declared a price freeze for areas declared under state of calamity affected by Super typhoon Carina.
This developed after the oil firms cut pump prices by as much as P0.85 per liter effective 6 a.m. on Tuesday to reflect the movement of prices in the world oil market. Pump prices will go down by P0.75 per liter for gasoline, P0.85 per liter for diesel, and P0.80 per liter for kerosene.
Seaoil Philippines, PTT Philippines, Jetti Petroleum, Cleanfuel, PetroGazz, and Chevron Philippines announced separately the latest oil price rollback.
Oil prices settled lower due to easing fears of an Iran-Israel escalation after Tehran said it would not seek to retaliate following Israel’s strike last week along with uncertainties in the demand outlook and the continuous increase in the United States inventory of crude.
