Oil firms increased the price of liquefied petroleum gas (LPG) by as much as P0.95 per kilo or P10.45 per 11-kilo tank yesterday.
“This reflects the international contract price of LPG for the month of February,” Petron said.
Rival Solane LPG said it increased its LPG brand by P0.91 per kilo (VAT inclusive).
The LPG contract price, commonly called the “Saudi CP,” drives pricing in the Far East, including the Philippines.
The Department of Energy said LPG contract prices went up by $10 to $637 per metric ton in February from $627 per MT in January.
DOE said the price of an 11-kilo tank will now range from P930.45 to P1,110.45 after the adjustment.
“Like all other petroleum products, the Philippines has no influence over the LPG contract price as the country’s domestic requirement is small versus the world demand,” the agency said.
The higher LPG cost followed the hefty price increases for gasoline at P2.80 per liter, diesel at P1.30 per liter, and kerosene at P0.45 per liter earlier this week amid the ongoing issues in the world oil.