Petron Corp. said Friday it reduced the price of liquefied petroleum gas or cooking gas by P53.35 per 11-kilogram tank to reflect the decline in the contract price in the world market.
“Petron is pleased to announce a P4.85 per kilo rollback for its Gasul and Fiesta Gas LPG prices effective 12:01 a.m., Jan. 1, 2016. This is equivalent to a decrease of P53.35 for a standard 11-kg household cylinder,” Petron said.
Petron, the country’s biggest oil refiner, said it also cut the price of its Xtend Auto LPG by P2.70 per liter.
“These reflect movements in the international contract prices of LPG for the month of January,” it said.
World oil prices continued the downward trend in the wake of US oil supply surplus. Analysts predicted that world oil prices could plunge to as low as $20 a barrel.
Oil players acknowledged that while low oil prices were good for consumers, the trend hurt oil companies which had huge inventories bought when oil prices were higher.
Oil firms adjust LPG prices on a monthly basis compared to domestic pump prices of gasoline, diesel and kerosene that are adjusted on a weekly basis.