MANILA, Philippines - Pilipinas Shell Petroleum Corp. and Petron Corp. yesterday cut the price of their liquefied petroleum gas (LPG) or cooking gas by P2 per kilogram.
Shell spokesman Roberto Kanapi said the rollback in LPG prices took effect 12:01 a.m. today. Petron will implement its rollback at 6 a.m.
Arnel Ty, president of the LPG Marketers Association (LPGMA), on the other hand, said they will also roll back the price of their LPG products but on a staggered basis.
Ty said that they have reduced the price of their LPG tanks by 50 centavos per kilo effective 12:01 a.m. yesterday.
He said they would carry out three more rollbacks this month.
“We will be having more rollbacks in the next three weeks.
Ty said they could not afford to have a one-time rollback as their wholesalers are implementing small staggered cuts, too.
“We are doing it on a staggered basis as we also get staggered reduction from our wholesaler,” he said.
With the recent reduction, the suggested retail price of LPGMA’s 11-kilo tank is at P554 from P560.
He said international contract price of LPG went down by $48 per metric ton as of July 1 from $670 in June.
LPGMA members, composed of wholesalers, refillers and retailers, corner a third of the Luzon market. Its members include Omni Gas, Pinnacle Gas, Island Gas, Cat Gas and Nation Gas.
Local LPG prices are being adjusted on a monthly basis based on the movement of international contract prices.
Foreign exchange movement and demand are also prime determinants in pricing LPG products.