Petron cuts LPG price

MANILA, Philippines - Petron Corp., the country’s biggest oil refiner, yesterday announced a rollback in the price of its liquefied petroleum gas (LPG) or cooking gas effective midnight last night.

In an advisory, Petron also announced a rollback for its auto LPG.

“Petron will roll back Gasul and Fiesta prices, value added tax inclusive, by 25 centavos per kilogram effective 12:01 a.m., May 2. Xtend AutoLPG prices will likewise be decreased by 14 centavos per liter,” the oil company said in an advisory.

This reflects contract prices for the month of May, Petron said.

According to the latest oil price monitoring report of the Department of Energy, prices of auto LPG range from P31.67 to P33.90 per liter.

Prices of an 11-kilogram LPG cylinder, meanwhile, range from P690 to P810.

The rollback of LPG prices comes on the heels of an oil price hike, which oil companies implemented for the third consecutive week on Tuesday.

In separate advisories, local petroleum players announced a price hike of 20 centavos per liter for gasoline and 30 centavos per liter for diesel.

In its oil price monitoring report, the DOE said the gasoline market remained mixed as demand for gasoline from the Middle East and Africa has been stable, contrary to the demand from Indonesia, Asia’s largest importer, which was not stable as initially expected.

“On the supply side, refinery turnarounds are keeping tight supply in the region, and thus supporting the market,” it said.