P50 cut per tank of Petron LPG

CEBU, Philippines - The Department of Energy announced yesterday a P1.20 per kilogram rollback in the price of liquefied petroleum gas  for Petron products starting today.

Acting Energy Secretary Zenaida Monsada said yesterday that while only Petron is implementing the rollback, other companies would “normally” follow, as it is common practice in the industry.

Monsada said the rollback would mean a decrease of around P50 per tank in the price of LPG.

She said the successive price cuts of LPG started last year as a result of the behavior of oil prices in the world market.

She explained the rollbacks are caused by Iran and western nations’ opening their oil supplies to the world market; and that the demand has also decreased.

Meanwhile, Monsada said the prices of diesel, gasoline and kerosene are also expected to go downhill in the coming days due to the same reasons.

“We don’t know yet anong final figure result of trading today, but four days (from now) it’s expected diesel gasoline, and kerosene prices will rollback,” she said. — (FREEMAN)