Oil firms roll back LPG prices

Local oil companies rolled back on Wednesday the prices of liquefied petroleum gas (LPG) for cooking by P3.50 per kilogram or P38.50 for an 11-kg cylinder and AutoLPG, by P1.95 per liter.

Petron Corp and Phoenix LPG Philippines Inc. made the announcement  in separate advisories.

The price of Solane-branded LPG, meanwhile, went down by P3.45 per kg.

In February, consumers were hit with a P123.20 increase per 11-kg cylinder of LPG, with the Department of Energy (DOE) noting that prices usually reach their highest point twice a year while companies replenished their inventories.

According to the DOE, the LPG contract price increased by $189 per metric ton to $790 per MT last month, citing a decrease in supply from Middle Eastern gas producers due to regular maintenance.

Commonly called the Saudi CP, the LPG contract price is the international benchmark set at the beginning of each month by Saudi Aramco, Saudi Arabia’s state-owned oil company.

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Price of cooking gas up by over P120 per tank