Petron Corp. announced a hefty price rollback for its liquefied petroleum gas (LPG) products.
Petron said it would implement a P5.90 per kilogram slash in its household LPG prices effective today (Wednesday).
The price adjustment is equivalent to about a P64.9 decrease in the price of a typical 11-kilogram LPG tank.
Phoenix will likewise roll back its LPG price by P5.18 per kilogram and Auto LPG by P2.86 per liter effective today.
The country’s oil firms earlier implemented a mixed adjustment in pump prices to reflect the movement in the world oil market.
The firms set a hike of P1.20 per liter for diesel and P2.45 per liter for kerosene but cut the price of gasoline by P1.70 per liter.
The world oil market remained volatile due to the Ukraine-Russia crisis.
On Tuesday, European Union leaders struck a watered-down deal to ban more than two-thirds of Moscow’s oil imports.
They, however, played down the chances of a rapid embargo on Russian gas to follow the partial ban on oil imports.
Europe is heavily reliant on Russian gas.
“With gas it is quite different. Therefore the gas embargo will not be an issue in the next package of sanctions” Austrian Chancellor Karl Nehammer said.
EU chief Ursula von der Leyen said the ban “will effectively cut around 90 percent of oil imports from Russia to the EU by the end of the year.”