MANILA, Philippines ? Liquefied petroleum gas (LPG) retailers are slashing prices by 50 centavos per kilogram effective 12:01 a.m. on Tuesday (February 9) due to the decline in the international contract price of LPG this month.

This means that the price of an 11-kg LPG cylinder which is used by most households is expected to drop by almost P6, according to LPG Marketers Association (LPGMA) president Arnel Ty.

This would be the second LPG price rollback implemented by LPGMA member companies for the month. With the price cut, an 11-kg tank being sold by these companies would cost P586, Ty said in a phone interview.

Ty explained that as of Monday, the international contract price of LPG had gone down by some $30 per metric ton from the $735 per MT recorded at the beginning of February. He also added that the group expected the contract price to hold, if not decrease further, until the end of the month.

?This is our way of showing the big oil companies that they should already bring down prices of LPG. They have not brought down their prices in the last four months,? Ty added.

LPGMA member companies, which supply LPG products to an estimated 30 percent of the Luzon market, carry brands such as Island Gas, Regasco Gas, Pinnacle Gas, Cat Gas, M-Gas, Omni Gas and Nation Gas.