Filipino households will experience slight relief in their budgets this month as the price of liquefied petroleum gas (LPG) has been reduced by P0.36 to P0.40 per kilogram, according to the pricing adjustment announcements of the industry players.
Leading oil firm Petron Corporation advised that its LPG prices had been trimmed by P0.40 per kilogram or an equivalent P4.40 for the standard 11-kilogram cylinder; while Solane LPG implemented leaner cut of P0.36 per kg or an aggregate P3.96 per tank on its LPG brand.
The LPG companies indicated that their price rollbacks will be effective July 1 and that will stay for a month, based on the routine cost movements being enforced in the industry.
Petron similarly announced that it will be reducing the price of its autoLPG by P0.22 per liter; and that is an alternative fuel widely patronized by those in the public transport sector.
Prior to this latest round of downward price adjustment, the pick-up price of LPG products in various retail outlets in Metro Manila had been at the range of P879.20 to P1,107.09 for the standard tank used for household cooking.
This decline in LPG prices this month is still treated as a ‘reprieve’ in the pockets of consumers, given that almost all commodities are now rising – including those for fuel at the pumps, food and other basic commodities, and transport fares.
For price swings on LPG products that are done on a monthly basis, the Philippine oil market is following the trend anchored on Saudi Aramco contract prices, which is the benchmark for Asian markets.
On the incessantly rising fuel prices, the newly installed Marcos administration has yet to declare specific policies relating to the energy sector – and even the designation of Energy Secretary is a matter that has yet to be acted upon by the new leadership of the government.
In his inaugural speech, President Ferdinand Marcos Jr. had only given hints on how he is targeting to address the lingering oil crisis – and that shall include the need to examine the coping mechanisms pursued by other countries; and to possibly source supply from the neighboring countries of the Philippines.
“Consider the response of the richest countries to the war in Ukraine. But surely, a free world awashed with oil can assure supplies or we will find a way. We are not far from oil and gas reserves that have already been developed,” the new President stressed.