MANILA, Philippines - Petron Corp., the country's largest oil refiner, implemented on Saturday a P0.50 per kilo increase on its prices of liquefied petroleum gas (LPG). The price hike, which translated to a P5.50 increase for a regular 11-kilogram LPG cylinder, took effect at 12:01 a.m. on Saturday, Petron said. A survey of several Petron retail stations around Metro Manila by the Manila Bulletin showed their cooking gas product (Gasul) was sold between P580 and P600 per tank. The same company jacked up the prices of its other petroleum products earlier this week. Retail prices of gasoline prices were hiked by P0.50 while those of kerosene and diesel were raised by P0.25.
Petron hiked its LPG prices by P1 a kilo last September 7. Other companies have yet to announce a price adjustment on cooking gas as of press time. However, the LPG Marketers' Association (LPGMA), a group composed of small cooking gas retailers, said yesterday it won't increase its product prices for now. The last adjustment from the LPGMA came in the form a hefty P2-kilo hike last Aug. 31.
The hike translated to a P22 price mark-up per tank. The group had earlier imposed 14 price cuts this year, which resulted in an accumulated P88.50 reduction per tank. The current suggested retail price (SRP) for LPGMA-brand cooking gas cylinders is P546. Arnel Ty, LPGMA president, said he expects cooking gas prices to shoot up further during the last quarter of the year since this is the time when winter-season countries stock up on their fuel supply. Petron said that its latest LPG hike was a result of higher contract prices for the commodity.
