Oil player Petron Corp. will implement a P4.50 per kilo increase (or P49.50 per 11-kilo tank) for liquefied petroleum gas effective 12:01 a.m. today (Tuesday) to reflect the movement of contract price of LPG in the world market.
Petron said in its advisory it will also raise the price of its auto LPG by P2.50 per liter.
“These reflect the international contract price of LPG for the month of October,” the country’s biggest oil company said.
Prior to the increase, LPG was priced from P550 to P695 per 11-kilo tank, depending on the brand, location and market forces.
Other oil companies are expected to follow suit but have not made an announcement yet.
Petron also announced it will cut the price of its gasoline products by P1.45 per liter, diesel by P0.60 per liter and kerosene by P1 per liter at 6 a.m. today to reflect the softening of world oil prices after Saudi Arabia announced the resumption of its operations following the drone attacks.
Other oil firms—Chevron Philippines, PTT Philippines, Unioil Philippines, Total Philippines, and Pilipinas Shell Petroleum Corp.—will also reduce their pump prices.
Meanwhile, Senator Sherwin Gatchalian urged the Department of Transportation to ensure a 100-percent distribution of the fuel subsidies for public jeepney drivers and operators this year in the wake of the recent oil price hikes.
During a recent Senate inquiry on the Department of Energy’s security plans following the drone strikes on key oil facilities of the Saudi Arabia earlier this month, Gatchalian asked the DOTr whether the department has fully distributed the fuel subsidies under the Pantawid Pasada Program.
“We urge the DOTr to ensure that all legitimate franchise holders would be able to get their vouchers on time,” Gatchalian said.
The lawmaker said the poor distribution of the PPP last year meant a lot of public utility drivers were not able to avail of the fuel subsidies they were entitled to.
Gatchalian pointed out that the fuel subsidies under the PPP increased from P5,000 in 2018 to P20,514 this year based on data from the Land Transportation Franchising and Regulatory Board.
However, the lawmaker noted that only 87,000 of the intended 173,000 beneficiaries across the country received their fuel cards in 2018, during a time of high oil prices and rapid inflation peaking at 6.7 percent.