Petron to roll back cooking gas, auto LPG prices

MANILA, Philippines - Petron Corp., the country’s biggest oil refiner, will roll back the prices of liquefied petroleum gas (LPG) or cooking gas effective Monday, the company announced yesterday.

“Petron will roll back Gasul and Fiesta gas prices by P1.20 per kilogram effective 12:01 a.m., December 1.

We will likewise decrease Xtend AutoLPG price by 65 centavos per liter at the same time.

These reflect the decrease in LPG contract prices for December,” Petron said in its advisory.

The price cut translates to a decrease of P13.20 for an 11-kilogram cooking gas tank.

The LPG price cut comes just a few days after local petroleum companies announced another round of price cuts on Nov. 24.

Petron, Pilipinas Shell Petroleum Corp., Chevron, owner of the Caltex brand and independent players PTT Philippines, Seaoil Philippines and Phoenix Petroleum issued their respective price rollbacks of 90 centavos per liter for gasoline and diesel and P1.05 for kerosene.

The price cut was the third consecutive rollback this month after oil firms announced a price hike two weeks ago, which ended nine consecutive weeks of price rollback.

The Department of Energy, in its latest oil monitoring report, said the Asian gasoline market continued to be weighed down by lackluster buying activity for December.

Gasoline demand in Asia tends to wane during the northern hemisphere winter as the market shifts its focus to heating oil rather than motor fuel.

Prices of world crude continued to drop even as the Organization of Petroleum Exporting Countries met to decide whether to cut production to arrest the slide.