MANILA, Philippines - Giant fuel firm Petron Corp. and independent oil player Total Philippines have raised prices of cooking gas, the fourth in four straight months of price increases.
In a text advisory, Petron and Total said they marked up prices of liquefied petroleum gas (LPG) by P1 per kilogram, excluding value-added tax, effective yesterday.
“This reflects the increase in international contract prices for the month of November,” Petron said.
The adjustment translates to an additional P11 per 11-kilogram LPG cylinder.
Other firms are expected to announce similar price movements.
Last month, almost all firms – Isla LPG Corp., Total Philippines and Petron Corp. – increased LPG prices by P2 per kg. or by P22 per 11-kilogram LPG tank.
LPG prices are adjusted on a monthly basis depending on international contract prices.
The Department of Energy (DOE) earlier warned that LPG prices could inch up further in the coming months as global demand climbs due to the winter season.
Under the Downstream Oil Industry Deregulation Act of 1998, oil firms can 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 the oil companies.