Leads projected oil price increases, gas at P1.40/l, diesel at P1/l
Cooking gas or liquefied petroleum gas prices will likely go up by about P9.50 per kilo on February 1 due to the higher contract price of LPG, an industry source said.
A P9.50 per kilo increase translates to an increase of P104.50 per 11-kilo tank used primarily by households.
The Standard source estimates an increase of about $157 per metric ton of LPG, but the final price will be announced on Jan. 31.
LPG is sold from P824 to P990 per 11-kilo tank in Metro Manila, with prices depending on the brand, outlet, and market forces.
This developed after fuel pump prices are also expected to go up starting Tuesday.
Unioil Petroleum Philippines said over the weekend diesel will likely go up by P0.80 to P1.00 per liter and gasoline by P1.20 to P1.40 per liter.
The Department of Energy confirmed the possible increase in pump prices of more than P1 per liter for gasoline and kerosene and less than P1 for diesel.
“Hopefully the remaining day of trading Friday (last week) would help to lessen the increase,” DOE director for the Oil Industry Management Bureau Rodela Romero said.
Romero said increased economic recovery fueled demand recovery in China.
World oil prices have been going up in the past week on bullish sentiment about Chinese demand growth and easing US recession fears.
On January 24, the oil companies implemented a per liter increase in gasoline by P2.80, diesel by P2.25, and kerosene by P2.40.
These resulted in a total net increase this year to stand at P5.90 per liter for gasoline, P2.05 per liter for diesel, and P3.20 per liter for kerosene.