MANILA, Philippines - Distributors of liquefied petroleum gas (LPG) will slash anew the prices of cooking gas by P5 per kilogram.
Arnel Ty, president of the LPG Marketers’ Association (LPGMA), yesterday said the P5 rollback translates to a P55 price reduction for every 11-kilogram tank of LPG.
The rollback was due to price drop of LPG in the international market, Ty said.
LPGMA lists Island Gas, Regasco Gas, Pinnacle Gas, Cat Gas, M-Gas, Omni Gas and Nation Gas as its members.
Contract prices are now hovering at less than $1,200 per metric ton (MT) from the record-high $1,330 per MT early in March, data from the LPGMA showed.
Last month, oil firms implemented a rollback of P8.50 per kilogram for LPG prices, or a P105 reduction for every 11-kilogram tank of LPG.
Meanwhile, independent oil player Flying V yesterday slashed fuel prices by 25 centavos per liter for regular gasoline and 30 centavos per liter for premium gasoline.
Other oil firms are expected to announce price rollbacks this week, given competition.
Last week, oil giants Petron and Pilipinas Shell Petroleum Corp., and independent oil player Seaoil Philippines cut prices of their petroleum products.