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Manila Bulletin devider Business devider LPG prices on rollback by P3.20/kg

LPG prices on rollback by P3.20/kg

Published May 1, 2021 12:25 pm

Households can breathe easy on their cooking fuel budgets this month as the price of liquefied petroleum gas (LPG) will be on a rollback of P3.20 per kilogram or an aggregate P35.20 for the standard 11-kg cylinder patronized by most residential users.

As of press time, the LPG industry players that already announced price cuts effective Saturday (May 1), had been Petron Corporation for its Gasul brand; Isla LPG for its Solane; and Phoenix Petroleum for its Super LPG products.

Petron and Phoenix Petroleum similarly announced price cuts of P1.80 per liter on their autoLPG, which is an alternative fuel used by the transport sector, including taxi fleets.

(MANILA BULLETIN File photo)

The LPG price adjustments in the domestic market this month, according to Petron, “reflect the international contract price” that is anchored on the fluctuations of the LPG contract costs of Saudi Aramco, the pricing benchmark for Far East markets, including the Philippines.

In the case of Petron and Phoenix Petroleum, they announced their LPG price adjustments inclusive of value added tax (VAT); while Solane notified on P2.84 per kg price reduction but on VAT-exclusive basis; so when taxes are factored in, this will sum up to P3.18 per kg.

Prior to this round of rollback, the pick-up price of LPG commodities in Metro Manila last month had been on the range of P604.00 to P909.00 in various retail outlets, according to the Department of Energy.

Meanwhile, Filipino motorists can expect price increases for diesel and kerosene prices next week; while gasoline may not be adjusted or there could just be a very slight rollback of P0.05 per liter if the oil firms would cling on to the more generous side of their business pricing strategies.

Based on the calculation of the oil companies, the price hike for diesel could be in the stretch of P0.30 to P0.40 per liter; while kerosene could be within P0.35 to P0.45 per liter.

Before the anticipated pump cost swings on Tuesday, a monitoring report of the DOE showed that year-to-date adjustments still incurred a net increase of P7.60 per liter for gasoline; P5.70 per liter for diesel; and P4.95 per liter for kerosene products.

According to experts, despite some economic recoveries and improving pace of vaccination in some countries, market sentiments are being influenced by the worsening rate of Covid-19 infections in India, the world’s second most populous country in the world.

There are already forecasts that India’s oil demand may decelerate because of its aggravating health crisis; and that will have impact on the overall oil supply-demand outlook globally because that country is a major consumer of oil commodities. Nevertheless, industry watchers are also weighing in on the impact of the decision of global producers to moderately relax production cuts starting this month.

Related Tags

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