Petron Corp. announced it will cut the price of liquefied petroleum gas or cooking gas by P3.50 per kilo or P38.50 for every 11-kilo tank starting March 1.
“Petron will implement a P3.50 per kilo rollback (VAT-inclusive) in LPG prices effective 0001H Mar. 1,” Petron said in its advisory.
“AutoLPG prices will likewise rollback by P1.95 per liter at the same time. These reflect the international contract price of LPG for the month of March,” it said.
LPG contract price, commonly called the “Saudi CP,” is the primary driver of LPG pricing. It is the international price benchmark set at the beginning of each month by Saudi Aramco.
Industry sources previously estimated a possible $70 per MT reduction in the March LPG contract price to $720 per MT from $790 per MT in February.
Prior to the LPG rollback, household LPG in Metro Manila is estimated to range from P934 to P1,118.00 per 11-kilo cylinder, according to data from the Department of Energy.
On February 1, oil companies increased the price of LPG by P10 per kilo to P11.20 per kilo or about P110 to P123 per 11-kilo tank.
Auto LPG likewise increased by P6.25 per liter after the LPG contract price increased by $189.00 per MT to $790 per MT in February from $600.50 per MT in January.
This followed the oil price rollback implemented by the oil companies on Tuesday. Oil firms cut the price of kerosene by P1.80 per liter, diesel by P1.30 per liter, and gasoline by P0.70 per liter.
