Oil firms cut LPG price

MANILA, Philippines – Cuts in prices of liquefied petroleum gas (LPG) greeted consumers on New Year.

First to announce a price rollback was Petron Corp., which cut by P4.85 per kilogram the prices of its Gasul and Fiesta Gas LPG products effective midnight Jan. 1, 2016 to “reflect movements in the international contract prices of LPG for the month of January.”

Petron said the reduction was “equivalent  to a decrease of P53.35 for the standard 11-kg household cylinder.”

“We will likewise rollback Xtend AutoLPG by P2.70/li at the same time,” Petron added.

Eastern Petroleum Corp. also announced a price rollback on Eastern EC Gas LPG by P4.86/kg or P53.50 for an 11-kg cylinder effective 6 a.m. today.

“The price cut is due to the drop in international contract price of LPG in the world oil market this month,” it said.

Other companies have yet to make price cuts announcements. Earlier this week, oil firms reduced pump prices amid oversupply in the international crude market.

Gasoline prices were slashed by P0.60 per liter, kerosene by P0.40 and diesel by P0.20 per liter.