Petron Corp., the country’s largest oil refiner, initiated the LPG price cut saying the reduction reflects the drop of contract price of LPG in the international market.
Other oil players, Pilipinas Shell Petroleum Corp., Chevron Philippines Inc., and Total Philippines, were forced to follow suit and cut down the prices of their LPG products.
The reduction in LPG contract prices was anticipated with the end of the winter season.
Petron public affairs manager Virginia Ruivivar said the drop in LPG contract prices would translate to P1 per kilo reduction.
"We may implement another 50 centavos per kilo (rollback) within the month," Ruivivar added.
Department of Energy (DOE) director for oil industry management bureau Zenaida Monsada said their monitoring of oil price movements indicates the stability of the price of cooking gas this month.
Under a deregulated industry, DOE is confined to monitoring functions and is prohibited from interfering in market forces. This means it can no longer dictate market prices. – Donabelle Gatdula.