Petron Corp. on Friday announced it will implement a P3.20 per kilogram increase (VAT-inclusive) in cooking gas or liquefied petroleum gas prices effective 12:01 a.m., Nov. 1.
Other oil companies are expected to follow suit.
The price movement is equivalent to an increase of P35.20 per 11-kilo tank, which currently sells from P560 to P798 per tank depending on the supplier, market conditions, location, among others.
“AutoLPG prices will likewise increase by P1.79/li at the same time. These reflect the international contract price of LPG for the month of November,” Petron said.
On Tuesday, the country’s oil firms rolled back the price of diesel by P0.25 per liter and kerosene by P0.15 per liter to reflect the movement of prices in the world oil market.
A report by Bloomberg over the weekend revealed that oil prices declined amid additional output coming from Libya. Global oil demand has been severely dampened by the coronavirus pandemic.
Delays in the stimulus bill in the US which could help spur economic recovery and oil demand also affected oil prices.
On October 20, the oil companies cut the price of gasoline by P0.25 per liter but increased the price of diesel and kerosene by P0.25 per liter and P0.20 per liter, respectively.