By Myrna M. Velasco
Leading oil firm Petron Corporation on Wednesday announced that it will reduce the cost of its cooking gas brands Gasul and Fiesta by P1.65 per kilogram effective 12:01 a.m. today or an aggregate P18.15 for the 11-kilogram cylinder.
Petron likewise cut the price of its auto LPG for vehicles by P0.90 per liter.
The LPG price rollback reportedly reflects the decline in contract prices of the commodity in the world market.
As of press time, the other oil companies with LPG business segments have yet to notify their respective price reductions.
Prior to this price cut, the cost of LPG at retail networks was at P535 to P760 per tank.
Asian markets often follow cost movements benchmarked on Saudi Aramco’s contract prices.