MANILA, Philippines – Retailers of liquefied petroleum gas (LPG) will increase the price of their products by P3 per kilo effective today.
LPG Marketers Association (LPGMA) president Arnel Ty said the hike in prices was consistent with the increase in contract prices of LPG abroad.
He said that the international LPG contract price rose to $100 per metric ton (MT) for the month of December, which is equivalent to an increase of P5 per kilo in the domestic market.
Ty said the P3 per kilo increase would form part of the total P5 per kilo adjustment for the month.
“The advice to us is that they are going to do it on a staggered basis. So, P3 tomorrow and the remaining P2 will be done in December, if the exchange rate will not change,” Ty said.
He said the higher demand for LPG in the world market was due to the winter season.
“During the winter season, there are countries that use LPG for heating so they are stockpiling LPG, even diesel and gasoline for their heating requirements,” he said.
Ty said an 11-kg tank would increase to P603 to P613 from P570 to P580 per tank.
Meanwhile, independent oil industry player Seaoil announced that the firm would roll back the prices of diesel and regular gasoline by 25 centavos per liter effective 12 midnight on Dec. 1.
Members of the LPGMA kept their prices last month, due to lower domestic market demand.
The contract price of LPG rose to $791 per MT from $698 per MT in November and from $644 per MT in September.
LPGMA members include Omni Gas, Pinnacle Gas, Island Gas, Cat Gas and Nation Gas.