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Manila Bulletin devider Business devider LPG prices up by P7.95/kg

LPG prices up by P7.95/kg

Published Mar 1, 2022 05:34 pm

Cooking fuel budgets will rise at Filipino households as the price of liquefied petroleum gas (LPG) had been increased by P7.95 per kilogram (kg) this month or a hefty P87.45 for the standard 11-kilogram cylinder.

The uptick in LPG prices had been due to soar in international contract prices (CPs) as anchored on Saudi Aramco, being the price reference for Asian markets, including the Philippines.

As of press time, the LPG firms that already advised on their price hikes effective March 1 had been Petron Corporation; Solane LPG and Phoenix Super LPG and their cost adjustments are seen reflected also at various LPG retail outlets. LPG prices are adjusted every first day of the month.

The cost escalation for this essential fuel commodity at households will come punishing to the consumers, as many Filipinos are still confined in their homes despite easing restrictions relating to the Covid-19 pandemic.

Apart from LPG that is used for cooking, industry players likewise announced price hikes for autoLPG for motor vehicles at the scale of P4.44 per liter.

Rally in LPG prices has been going along with the astronomical rise in global oil prices, that at this point, is primarily triggered by the ongoing Russia-Ukraine war.

There is no end in sight yet as to how oil prices will eventually wane in the international markets; since apart from Russia’s hostile invasion of Ukraine, there are also concerns about tight supply in oil markets.

Even in the proposed suspension of excise taxes for petroleum products, the legislators have not included LPG to be covered by the targeted policy.

One major development being monitored by global experts this week would be the outcome of the scheduled meeting this week of the Organization of the Petroleum Exporting Countries (OPEC) and its ally-producers that will include Russia -- in which they are expected to discuss about injecting additional crude-barrels into markets.

Beyond cost uptrends in the world market, the price of domestic LPG is also being influenced by the fluctuating value of the Philippine peso versus the US dollar.

Related Tags

#LPG #PRICEHIKES #PETRON #SOLANE #PHOENIX #SAUDICP #OPEC+
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