The country’s oil firms implemented an increase in the price of liquefied petroleum gas by as much as P2.18 per kilo effective 12:01am yesterday due to the higher contract price of LPG in the world market.
Petron Corp. announced it increased the price of its Gasul brand by P2.18 per kilo, equivalent to P23.98 per 11-kilo tank used primarily by households.
Rival Isla LPG also announced it increased its Solane-branded LPG price by P1.55 per kilo, VAT inclusive. This is equivalent to an increase of P17.50 per 11-kilo tank.
“This is aligned with the adjustment in international contract price for February,” Isla LPG said.
Regasco had earlier announced a P1.50 per kilo LPG price increase effective Feb. 1, citing a $20 increase in the international contract price.
This developed as oil firms announced another big time oil price hike next week by as much as P1.70 per liter amid elevated geopolitical and military risks in the Middle East that could impact global supply.
Jetti Petroleum forecasts diesel prices may increase by P1.50 to P1.70 per liter, while gasoline may rise by P0.60 to P0.80 per liter, based on its latest computation.
The Department of Energy (DOE) also expects kerosene prices to increase by approximately P0.45 per liter.
This marks the fourth consecutive week of price hikes across all petroleum products following a US attack on Venezuela earlier this month.
