MANILA, Philippines - Refillers and distributors slashed yesterday the price of liquefied petroleum gas (LPG) by P1 per kilogram.
Liquefied Petroleum Gas Marketers’ Association (LPGMA) president Arnel Ty said the rollback of P1 per kilogram or P11 for an 11-kilogram cylinder was implemented to reflect lower contract prices abroad.
Ty said the public could expect cheaper prices next month as international prices continue to retreat.
He said the demand from the United States and Europe is declining following the end of winter.
LPGMA’s members include Island Gas, Regasco Gas, Pinnacle Gas, Cat Gas, M-Gas, Omni Gas and Nation Gas.
Contract prices are now hovering around $1,200 per metric ton from the record-high $1,330 per MT early this month, data from the LPGMA showed.
Ty earlier said that more price reductions could be expected until July or August as global demand is minimal.
Under the Downstream Oil Industry Deregulation Act of 1998, oil firms could price their products based on market forces so as to encourage competition.
The deregulation law also prohibits the government from intervening or influencing the pricing schemes of oil companies.
However, the Department of Energy has monitoring powers.
The department has requested the firms to report to the department before any price adjustment.