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Sunday, December 10, 2023

Petron raising LPG tank price by P3.75/kl on Oct. 1

Petron Corp. is raising the price of its liquefied petroleum gas (LPG) by P3.75 per kilo, equivalent to P41.25 per 11-kilo tank, effective October 1.

“Petron will implement a P3.75/kg (VAT-inclusive) increase in LPG prices effective 0001H Oct 1,” the company said Saturday.

AutoLPG prices will likewise increase by P2.09 per liter to reflect the international contract price of LPG for the month of October, the oil refiner said.

An 11-kilo tank of LPG currently sells from P841 to P985 in the National Capital Region, government data showed. Prices vary depending on the brand, location of the station, and market forces.

Meanwhile, Unioil Petroleum Philippines said in its price forecast that gasoline should go down by P1.80 to P2 per liter but diesel will increase by P0.20 to P0.40 per liter.

This developed after the Department of Energy said oil prices may have a “mixed movement” next week with a possible rollback in gasoline while diesel prices may increase by up to P0.20 per liter or will not have any movement.

“Prices are still volatile and we need to manage our expectations,” DOE director for the oil industry management bureau Rodela Romero said.

Romero said world oil prices softened in the first few days of the week due to the elevated interest rates, higher US Dollar, and the relaxation of Russia’s fuel import ban.

“But the long-term reason for the increase is still the extension of the voluntary cuts of Russia and Saudi until the end of December 2023. Added to it is the fall of US stockpile contributing to worries of tight global supplies and unexpected strong demand from China,” she said.

Prices for gasoline in the National Capital Region currently range from P62.30 to P89.95 per liter, diesel from P62.60 to P86.92 per liter, and kerosene from P80.25 per liter to P92.59 per liter.

On Sept. 26, the oil firms cut pump prices by P0.50 per liter for kerosene and by P0.20 per liter for gasoline and diesel to reflect the movement of prices in the world oil market.

This was driven largely by the US Federal Reserve’s warning of more price hikes although this was tempered by expectations of tight supply until the end of the year.

The latest price rollback resulted in a year-to-date net increase of P17.30 per liter for gasoline, P13.40 per liter for diesel, and P9.44 per liter for kerosene.

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