MANILA, Philippines - The Liquefied Petroleum Gas Marketers Association (LPGMA) has cut anew the price of cooking gas products by 50 centavos per kilo.
“We need to lower prices because international prices are coming down and we expect world contract prices to significantly go down by next month,” Arnel Ty, LPGMA president, told reporters yesterday.
Ty said LPGMA members cut their prices of an 11-kilogram cylinder to P586 from P592 starting 12:01 a.m. today.
“We expect contract prices to post a big reduction this March, about $30,” he said.
Ty likewise expressed optimism that there would be more LPG price reductions in the coming weeks.
“Perhaps another 50 centavos per kg. cut next week and the week after,” the LPGMA official said.
Early this month, LPGMA members rolled back the price of their products by 50 centavos per kilo.
LPGMA is composed of Omni Gas, Pinnacle Gas, Island Gas, Cat Gas and Nation Gas.
Before the latest reduction, LPG was sold at P610 to P684 per 11-kg tank.
LPG contract price dropped by around $5 in the world market in February, from $736.50 per metric ton last month.
LPGMA reduced prices by P2 per kilo in January in anticipation of lower contract prices for February.