Petron holds off LPG price increase

Publicly-listed Petron Corp. said yesterday it will keep the price of its liquefied petroleum gas (LPG) stable.

"Petron’s Gasul continues to be the lowest priced LPG product in the market," Petron public affairs manager Virginia Ruivivar said.

In contrast, other oil companies have raised their LPG prices twice since last week, amounting to an average P1.50 per kilogram price increase.

For the standard 11-kg household LPG cylinder, Petron Gasul is thus lower by P16.50 per tank.

Ruivivar added they would likely keep their LPG price at the same level for the rest of the year.

"With the expected softening of the international contract prices of LPG next month, we see no need to pass on our additional costs for November to our customers," she said.

According to the Petron official, Petron’s decision not to adjust prices may prompt other oil players to match Petron’s prices.

"We are hopeful that our move to keep our Gasul prices stable will moderate the increases made by our competitors," she said.

Petron is the country’s largest oil refiner and corners a big chunk of the oil industry with a 38-percent market share. It is also partly-owned by government through the Philippine National Oil Co.’s 40 percent stake in the firm.

Energy Secretary Raphael P.M. Lotilla, for his part, encouraged consumers to exercise their power of choice.

Lotilla noted that LPG contract price rose to $549.00 per metric ton in November compared to $519 per metric ton in October.

While some oil companies have implemented two to three consecutive price increases in LPG since the price rollback of Nov. 1, Lotilla said Petron has increased its LPG price only once, on Nov. 9.

"I therefore urge the consumers to exercise their power of choice in buying their LPG. I also reiterate my call to our LPG dealers and refillers to protect the interest of our consumers and not take advantage of the increase in LPG prices," Lotilla stressed.