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Manila Bulletin devider Business devider LPG prices cut by P2.55/kg, oil prices on 5th round of rollback

LPG prices cut by P2.55/kg, oil prices on 5th round of rollback

Published Oct 1, 2022 09:26 am

Home cooking could take a pleasant turn for many Filipino families this month as the price of liquefied petroleum gas (LPG) had been cut by P2.55 per kilogram or an aggregate P28.05 for the standard 11-kilogram cylinder, as announced by the industry players.

The trimmed LPG prices had been effective October 1 (Saturday) and this will stay for the rest of the month, based on the pricing adjustment scheme being implemented by the domestic petroleum industry. That has been on account of the downswing of international contract prices of LPG as referenced on Saudi Aramco’s pricing.

The LPG firms which already sent notices on their price reductions had been Petron Corporation, Solane and Phoenix Petroleum for its Super LPG brand; and they also advised that the price of their autoLPG products for vehicles had been slashed by P1.43 per liter.

Additionally, prices at petroleum pumps will be on its 5th series of continued rollback next week with gasoline prices declining by P0.45 to P0.75 per liter; and diesel by P0.55 to P0.85 per liter, according to the estimates of the oil companies.

For kerosene products, which is a vital base fuel for the airlines industry, this will have a comparatively heftier price reduction of P0.90 to P1.15 per liter.

The oil firms will implement the price cuts on Tuesday (October 4); and this will be anchored on the cost swings of the Mean of Platts Singapore (MOPS) and the impact of the persisting devaluation of the Philippine peso versus the US dollar.

The Department of Energy (DOE) advised of a 15-day price freeze for petroleum products in areas pummeled by the recent super typhoon Karding; but since the price trends will be a rollback, then such shall be implemented in these calamity-stricken domains.

In the world market, there had been ferocious whirl of spot trading prices with the international benchmark Brent crude ending at $87 per barrel level by Friday (September 30), escalating from a price softening of $84-$85 per barrel in prior trading days.

Amid the devastation of hurricane Ian in the United States, global experts in the oil industry noted that the next major development that could affect pricing dynamics in the days ahead would be the outcome of a meeting of the Organization of the Petroleum Exporting Countries and its ally producers (OPEC+) by October 5 this year.

This early, there are projections that the global oil cartel may opt for production cuts so prices would be lifted back closer to the $100 per barrel scale.

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