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Manila Bulletin devider Business devider Big time hike in LPG prices at P5.20/kg this month

Big time hike in LPG prices at P5.20/kg this month

Published Jul 1, 2021 09:54 am

Filipino households will need to tighten their belts further as the price of cooking fuel liquefied petroleum gas (LPG) will have a big-time hike of P5.20 per kilogram or P57.20 for the standard 11-kilogram cylinder this month.

lpg_petron

Industry players also advised on the P2.90 per liter hike on their auto LPG products, a commodity used by the transport sector.

LPG companies that already adjusted their prices effective July 1 (Thursday) had been Petron Corporation for its Gasul brand; Phoenix Petroleum for its Super LPG; and Isla Gas for its Solane brand.

Oil firms said the price escalation had been due to upswing in international contract prices -- primarily anchored on cost movements of Saudi Aramco’s LPG contract prices, which serves as a benchmark for Asian markets.

Prior to this adjustment, the pick-up price for the typical LPG household cooking size had been at P663.00 to P924.00, according to a monitoring report of the Department of Energy.

Global industry experts noted that the surging LPG prices had been due to the tightening of demand for the commodity - as many countries brace for reopening from Covid-19 lockdowns; primarily in the thriving economies of China, United States and European jurisdictions.

Other countries are also starting to build up on their inventories to prepare for their heating requirements during the winter season; hence, that has been exerting heavier pressure on LPG demand.

In the Philippines, the volatile value of the Philippine currency versus the US dollar has likewise been adding up financial pinch to LPG commodities, given that this country is largely dependent on imports for its cooking fuel needs.

Many Filipino homes are still heavily dependent on LPG products given the continuing ‘movement restrictions’ because of the lingering jolt of the coronavirus health crisis.

In fact, across sub-segments in the downstream oil sector, it has been the LPG industry that had been less affected during the heightened lockdowns triggered by the Covid-19 pandemic, because most households leaned on home cooking for their families.

Related Tags

#LPG #AUTOLPG #DOE #PETRON #SOLANE #PHOENIX
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