Petron cuts LPG price by P1/liter

MANILA, Philippines -  Petron Corp., the country’s largest oil refiner, will cut the price of its liquefied petroleum gas (LPG) products by P1 per liter effective 6 a.m. today.

According to an advisory sent to media, Petron said the move was in line with the company’s efforts to help ease the impact of rising oil prices.

“As part of our efforts to ease the impact of high fuel prices and help Filipino households, we will implement P1 per kilo reduction in Gasul and Fiesta retail prices at 6 a.m., May 26,” the media advisory reads.

The cut would mean that prices for an 11-kg LPG household tank will be reduced by over P12.

“This supports government calls to implement measures that directly benefit consumers,” it said.

The price cut followed the two consecutive 50-centavo price rollbacks implemented by the members of the LPG Marketers Association (LPGMA) for the past two weeks.

LPGMA president and Rep. Arnel Ty said they expect prices to further go down next month if downward trend in contract prices of LPG continues.

So far, Ty noted that the LPG contract prices have gone down by $65 per metric ton, which could translate to a P2 per kilo.

But he said they could not yet firm up the exact amount of rollback next month following a volatile market.

“We still don’t know the exact figure but by Monday or Tuesday, we will have an idea,” Ty said.

He said indications show that LPG contract prices may still have to go down further in the remaining days of this month.