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Manila Bulletin devider Business devider Trade & Industry devider LPG prices cut by P3.70-P3.73/kg

LPG prices cut by P3.70-P3.73/kg

Pump prices on rollback by Tuesday

Published Jul 1, 2023 03:57 am
Consumers will have a bit of luck in the days ahead as liquefied petroleum gas (LPG) prices will be on rollback by P3.70 to P3.73 per kilogram (kg) this July, while prices at the domestic pumps will likewise be on downtrend by Tuesday (July 4), based on the calculation of the industry players. For LPG, it was announced by leading oil firm Petron Corporation that the price of its Gasul and Fiesta Gas brands will be slashed by P3.70 per kg or the equivalent of P40.70 for the standard 11-kilogram cylinder. Phoenix Petroleum  also trimmed its Super LPG price by P3.70 per kg; while Solane enforced a price cut of P3.73 per kilogram or aggregate P41.03 for the typical LPG tank being purchased by households for cooking. The LPG firms implemented the price reduction effective July 1 and that will stay for the rest of the month. The decline in prices had been anchored on the softening of international prices as referenced on the contract costs of Saudi Aramco, the benchmark for Asian markets. Apart from LPG cooking fuel, Petron similarly advised that the price of its autoLPG for vehicles will be down by P2.07 per liter; while Phoenix Petroleum will have slightly leaner rollback of P2.05 per liter. At the petroleum pumps, the oil companies have estimated price downswing of P0.60 to P0.90 per liter for gasoline products; and P0.50 to P0.80 per liter for diesel products. For kerosene, which is an essential base for aviation fuel and also a key commodity for households and other industries, its price is set to decline by P0.45 to P0.85 per liter. According to industry experts, there have been colliding factors which influenced the trading of oil commodities last week – that while the US inventory substantially dwindled, the niggling forecast of slowdown in global economic growth continued to provide counterweight to the pressures set off by thinning product stock. Onward, markets are anticipating new pronouncements from the Organization of the Petroleum Exporting Countries (OPEC) on their scheduled International Seminar this July 5-6 in Vienna, as there could be developments that may hold sway on trading outcomes in the coming days. Notably, last month’s declaration from OPEC and its ally-producers on output cuts precipitated upticks in prices in the first week of June; although other market fundamentals brought pricing back to wild seesaw in the weeks that followed.







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Petron Phoenix Super LPG LPG prices oil price rollback Solane Sakto
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