The country’s oil firms raised the price of cooking gas or liquefied petroleum gas (LPG) by as much as P4.16 per kilo or a total of P45.76 per 11-kilo tank effective January 1.
Petron Corp. raised the price of its Gasul LPG b y P4.16 per kilo (VAT inclusive) or P45.76 per 11-kilo tan starting 12:01 am January 1 while Isla LPG raised the price of its Solane LPG brand by P3.73 per kilo (VAT inclusive) for a total of P41.03 per 11-kilo tank.
“Petron will implement a P4.16 per kg increase (VAT-inclusive) in LPG prices effective 12:01 am, Jan. 01. AutoLPG prices will likewise increase by P2.33 per liter at the same time. These reflect the international contract price of LPG for the month of January,” Petron said in its advisory.
The oil firms adjust the price of LPG on a monthly basis but pump prices are adjusted weekly.
On December 29, the oil firms cut the price of kerosene by P0.25 per liter and diesel by P0.05 per liter but did not move gasoline pump prices.
World oil prices declined after several consecutive weeks of oil price increases amid reports of a more contagious COVID-19 virus strain and concerns of fresh lockdowns in Europe that could dampen oil demand.
The new virus strain and new lockdowns overshadowed previous optimism of the rollout of vaccines that could put an end to the COVID-19 pandemic and pave the way for a global economic recovery.
On December 22, the oil firms raised the price of gasoline by P0.75 per liter, diesel by P0.85 per liter and kerosene by P0.80 per liter effective to reflect movements in the international oil market.
The oil companies also increased the price of gasoline by P0.50 per liter, diesel by P0.60 per liter and kerosene by P0.55 per liter on December 15.
On December 8, the oil firms also hiked pump prices by P0.25 per liter, diesel by P0.40 per liter and P0.60 per liter increase for kerosene.
