The country’s oil firms raised the price of liquefied petroleum gas or cooking gas by P11.18 to P11.50 per kilo effective today (Feb. 1) to reflect the higher contract per metric ton of LPG in the world market.
The amount is higher than the previously projected P9.50 per kilo increase and translates to an additional P126.50 per 11-kilo tank used by most households.
Liquified Petroleum Gas Marketers’ Association president Arnel Ty said LPG contract price went up by $191 per MT from $599 per MT in January, which translates to an increase of up to P11.50 per kilo.
“The price last January is $599 per MT. Now February $790. Still China demand drove the increase in price,” Ty said.
Petron Corp., Isla LPG and Phoenix LPG announced the latest price increase.
Petron will implement a P11.20 per kilo increase (VAT-inclusive) in LPG prices effective while Isla LPG, which markets the Solane brand, increased its LPG by P11.18 per kilo (VAT inclusive).
“AutoLPG prices will likewise increase by P6.25 per liter at the same time. These reflect the international contract price of LPG for the month of February,” Petron said in its advisory.
LPG is sold from P824 to P990 per 11-kilo tank in Metro Manila with prices depending on the brand, outlet, and market forces.
LPG prices are adjusted monthly compared to pump prices which are adjusted weekly.
On Tuesday, the oil firms raised pump prices for the third consecutive week to reflect the movement of prices in the world oil market driven by increased demand from China.
The oil firms raised the price of kerosene by P1.35 per liter, gasoline by P1.30 per liter, and diesel by P1 per liter.