Petron, Total hike LPG prices

Petron Corp. and Total Philippines Inc. raised the price of their cooking gas yesterday by P1 per kilo.

This brings the average retail price range of an 11-kilo liquefied petroleum gas (LPG) cylinder from P356 to P405.

As of press time, other oil players including the two other large firms, Pilipinas Shell Petroleum Corp. and Caltex Philippines Inc., had yet to make a decision about whether they would adjust their prices.

Last week, oil companies sent word of a possible price increase in LPG with the continuing rise in LPG contract prices in the international market.

According to them, for the month of April alone the international contract price of LPG rose by more than $30 per metric ton. LPG contract prices for March averaged at $380.50 per metric ton from $369.90 in February.

On Saturday, Total and Caltex increased their prices on all petroleum products by 50 centavos per liter, a few days after small oil players hiked their costs.

"Due to the relentless surge in crude and product prices in the world and regional markets, we will continue to offer discounts in selected Caltex stations nationwide," Caltex officials said.

Last week, Flying V and Eastern Petroleum Corp. initiated an oil price increase of 50 centavos per liter, bringing unleaded gasoline prices to as high as P30.83 per liter and diesel to P26.40 per liter.

The benchmark Mean of Platts Singapore for diesel is now at $67.14 per barrel from $55.63 per barrel in February, while the MOPS for gasoline is now pegged at $59.45 from $54.27 a month ago.

Dubai crude, the benchmark used by the oil refiners, also increased to $45.72 per barrel from $39.86 per barrel previously. Premium unleaded gasoline is now priced P29.93 to P30.83 per liter, and ordinary unleaded gasoline P29.25 to P30.55 per liter. Diesel prices reached between P25.20 to P26.40 per liter while kerosene is now priced between P26.50 to P27.50 per liter.