By Myrna Velasco
Owing to softened international contract prices, the price of liquefied petroleum gas (LPG) will also be reduced by P7.50 per kilogram.
For the standard cooking cylinder of 11 kilograms, the overall price cut will be P82.50 for the LPG-filled tank.
Major oil industry player Petron Corporation announced that it will be implementing its price rollback effective 12:01am on Thursday (November 1).
At the same time, the oil firm has slashed its autoLPG fuel by P4.20 per liter and will be enforced at the same timeframe. The rest of the industry players are expected to follow.
“These reflect movements in the international contract price of LPG for the month of November,” the oil firm explained.
For Asian markets, including the Philippines, what is employed as benchmark in the cost of LPG commodities had been that of Saudi Aramco contract prices.
This month’s price decline in cooking fuel cost is considered an added financial relief to Filipino consumers – in tandem with pump price decreases implemented since weekend.
Industry players and market watchers are also closely monitoring developments to gauge if consumers will have their fourth week-luck on the rollback trend.
In the first three trading days, global prices have been relatively stable, but roadblocks started manifesting mid-week leading to the enforcement of sanctions on Iran by November 4.
It remains a guessing game whether this event would trigger supply disruption, amid inventory boost being injected by the United States into market.