Oil firms cut auto LPG price

MANILA, Philippines - Independent oil player Total Philippines Corp. has decreased prices for liquefied petroleum gas (LPG) for automotive use by P3.70 per liter.

In a text message, the company said the price adjustment is effective May 2.

Total yesterday cut prices of LPG for household use by P5.25 per kilogram.

Oil industry giant Petron Corp. and Isla Gas have slashed the selling price of LPG for household use by P5.25 per kilogram effective May 1.

Petron also rolled back prices of Xtend auto LPG by P3.29 per liter.

Under the Downstream Oil Industry Deregulation Act of 1998, oil firms can price their products based on market forces so as to encourage competition.

The deregulation law also prohibits the government from intervening or influencing the pricing schemes of oil companies.

The government, through the Department of Energy (DOE) has monitoring powers.