Oil giants Petron Corporation and Pilipinas Shell and smaller Seaoil Philippines will rollback prices of their petroleum products, except for their premium gasoline, starting 6 A.M. today.
Temporarily, distributors and refillers of cooking gas yesterday reduced again the price of liquefied petroleum gas (LPG) by P2 per kilogram.
The prices of diesel will be decreased by 50 centavos per liter, kerosene by 40 centavos and regular gasoline by 30 centavos per liter, according to the officials of the two oil firms.
“This is to reflect (price) movements in the international oil market,” Petron said.
The oil firm executed a 30 centavos increase in the prices of its premium gasoline Blaze 100, XCS and Xtra.
“Week-on-week, Dubai crude price decreased more than a dollar, and diesel, slightly by only about $0.10 per barrel,” the Department of Energy (DOE) uttered.
“On the contrary, gasoline increased by more than a dollar compared to the previous week,” it added.
Mr. Arnel Ty the president of the LPG Marketers’ Association (LPGMA) said that the P2 rollback in LPGs’ price converts to a P22 price saving for every 11 kilogram cylinder of liquefied petroleum gas (LPG).
Arnel Ty, president of the LPG Marketers’ Association (LPGMA), said the P2 rollback in LPG price translates to a P22 price reduction for every 11-kg cylinder of liquefied petroleum gas (LPG).
A week ago, numerous oil companies excised the selling prices of LPG because of lower contract prices in the international market.
Last April 1, Petron Corporation marked down its LPG price by P9.52 per kilogram; Liquigaz by P9 per kilogram; Pryce Gases by P5.50 per kilogram; Petronas Gas by P8.51 per kilogram and Total Philippines by P9.52 per kilogram.
The contract price for LPG slipped to $993 per metric ton from a record-high $1,195 per metric ton in March, a data from DOE.
As early as March, members of LPGMA decreased for a number of times, the price of LPG by P1 per kilogram. LPGMA lists Island Gas, Regasco Gas, Pinnacle Gas, Cat Gas, M-Gas, Omni Gas and Nation Gas as members.
Under the Downstream Oil Industry Deregulation Act of 1998, oil firms can price their products based on market forces so as to encourage competition. The deregulation law prohibits the government from interfering or influencing the pricing schemes of oil companies.
The DOE, though, requested oil firms to report to the department any price changes before its execution.