MANILA, Philippines – Consumers will see prices of liquefied petroleum gas (LPG) go down but should brace for higher pump prices next week.
The Department of Energy (DOE) has confirmed the forthcoming oil price hike given the upward movement of international oil prices.
“We don’t have yet the results for the Friday trading, but the four-day trading showed an upward trend,” DOE-Oil Industry Management Bureau director Melita Obillo said in a text message.
However, she declined to give a range for the price hike since the DOE has recorded only four trading days of the international market.
The uptrend, Obillo said, stemmed from Russia’s appeal to the Organization of the Petroleum Exporting Countries (OPEC) to reduce oil production.
On Friday, Reuters reported crude prices rose by more than 25 percent from 12-year lows.
Earlier this week, petroleum companies implemented hefty price cuts on pump prices. Prices of gasoline were rolled back by P0.60 per liter, diesel by P0.90 per liter and kerosene by P1.10 per liter.
Meanwhile, for cooking gas prices, Eastern EC Gas LPG said it will slash its price by P3.36 per kilogram or P37 for an 11-kg cylinder. The price reduction will take effect on Feb. 1.
“The latest price cut reflects the downward trend in the contract price of LPG in the world market,” it said.
Isla LPG Corp. said it reduced LPG prices equivalent to P3.36 per kilogram. Isla LPG is the owner and seller of the Solane brand.
“Please be advised that we are decreasing our Solane branded LPG by P37 (value-added tax inclusive) per cylinder, effective 6 a.m. of Feb. 1, 2016,” the company said in a text advisory.
Other companies, however, have yet to announce their respective adjustments.
Average prices of an 11-kg LPG cylinder ranged from P420 to P680 for the month of January, DOE oil monitoring showed.