Cooking gas prices cut

MANILA, Philippines - Oil companies yesterday slashed the prices of their liquefied petroleum gas (LPG) products by P1.80 per kilogram.

In separate advisories, Petron Corp. and Total Philippines Corp. announced a rollback in their respective LPG prices effective yesterday.

“Petron will implement a P1.80 per kg rollback in Gasul and Fiesta Gas prices effective 12:01 a.m., Feb. 1. This reflects the international contract prices of LPG for the month of February,” Petron said.

Total’s price cut took effect at noon yesterday, also at P1.80 per kg.

Prior to the rollback, retailers sold LPG cylinders at P700 to P780 per 11 kg cylinder.

In response to the price adjustments, small and independent retailers belonging to the party-list group Liquefied Petroleum Gas Marketers’ Association (LPGMA) cut their prices yesterday by P1 per kilo, or P11 per 11-kilogram tank.

LPGMA Rep. Arnel Ty said the reduction was prompted by the drop in the international contract price of LPG, from $955 in January to $910 for this month.

“For the benefit of consumers, we are immediately making the corresponding downward adjustment in our retail prices. Our suggested retail price is now down to more or less P636 per 11-kilogram tank,” Ty said.

This is the second time LPGMA refillers have slashed prices this year, following a P2 per kilo rollback on Jan. 1. – With Jess Diaz