Petron Corp. on Saturday announced a big-time rollback effective today in the prices of its household and auto liquefied petroleum gas (LPG) products, following a projection by the Department of Energy of a reduction in oil product prices this week.
In an advisory, Petron said it will implement a P5.75 per kilogram rollback in household LPG prices, effective 12:01 a.m., May 1, 2022— equivalent to a price reduction of P63.25 for a typical 11-kilogram cylinder.
Petron also announced it is cutting Petron…AutoLPG prices by P3.22 per liter at the same time.
“These reflect the international contract price of LPG for the month of May,” the company said.
Other oil companies are expected to roll back the prices of their LPG, diesel, and gasoline products starting May 3, Unioil Petroleum Philippines said on Saturday.
According to Unioil’s weekly forecast, diesel prices would go down by ₱1.10 to ₱1.20 per liter and gasoline prices would decline by ₱0.60 to ₱0.70 per liter.
Industry sources told the Standard on Friday that LPG prices were expected to go down by P5.77 per kilo by Labor Day — equivalent to around P63.47 per 11-kilo tank — to reflect the lower contract price of LPG in the world market. AutoLPG prices would likewise go down by about P3.23 per liter, they said.
The same sources said diesel would go down by P1.81 per liter, unleaded gasoline by P1.12 per liter, and kerosene by P1.88 per liter effective Tuesday.
Domestic pump prices have been on an uptrend in 13 out of the past 16 weeks.
The rollbacks come a week after prices of fuel products shot up last Tuesday — gasoline by ₱3, diesel by ₱4.10, and kerosene by P3.50 per liter.
The per-liter net increases of gasoline, diesel and kerosene prices stand at P18.45 per liter for gasoline, P31.45 per liter for diesel, and P25.05 per liter for kerosene, according to the DOE’s oil monitor.
Rino Abad, director for the DOE’s Oil Industry Management Bureau, earlier attributed the price cuts to the surge cases driven by new Omicron variants in China and South Africa that could dampen global demand.
“That’s what we are seeing. It’s driven by the surge of new variants,” Abad said.
World oil prices have remained volatile over the Russia-Ukraine crisis, tight global oil supply, and new COVID-19 variants that could impact public health thereby affecting demand.