LPG, oil prices down anew due to oversupply

MANILA, Philippines - Oil companies will roll back prices of liquefied petroleum gas (LPG) starting today.

Motorists can also expect another round of price cuts on pump prices as the lingering oversupply continued to dampen oil prices in the world market.

Petron Corp., the country’s largest oil refiner, announced that it would cut Gasul and Fiesta Gas prices by P1.20 per kilo effective 12:01 a.m. This means a P13.20 decline for an 11-kilo cooking gas tank.

Petron will also lower the price of Xtend AutoLPG by P0.67 per liter.

“These reflect international LPG contract prices for the month of August,” the firm said.

In a separate advisory, Eastern Petroleum Corp. said it will implement a P1.10 per kilo reduction, or a decrease of P12.10 for an 11-kilo cylinder, for EC Gas starting today.

Isla LPG Corp., owner and seller of the Solane LPG brand, will also roll back prices by P1.12 per kilo, or P12.32 rollback for an 11-kilo tank.

In its latest oil monitoring, the Department of Energy (DOE) data said the price range of an 11-kilo LPG cylinder is between P475 and P675.

Oil companies are also expected to lower diesel prices by nearly P1 and gasoline prices by over 50 centavos next week, according to Eastern Petroleum chair and chief executive officer Fernando Martinez.

“World oil prices continue to be low owing to the oversupply situation of petroleum products in the world oil market,” he explained.

However, analysts have projected oil prices may trend upwards in September after remaining low in August.

Earlier this week, oil companies lowered gasoline and diesel prices by P0.60 per liter, and kerosene by P0.45 per liter.