Petron Corp. announced a P5.20 per kilo or P57.20 per 11-kilo tank increase—the fifth consecutive week caused by optimism in global economic recovery—in the price of liquefied petroleum gas (LPG) effective today (Thursday) due to higher contract price of LPG in the world market.
“Petron will implement a P5.20/kg increase (VAT-inclusive) in LPG prices effective 12:01 am, Thursday July 01,” Petron said in its advisory.
Other oil companies are expected to follow suit. LPG or cooking gas prices are adjusted every first day of the month.
Petron also raised the price of autoLPG by P2.90 per liter at the same time.
“These reflect the international contract price of LPG for the month of July,” the company said.
Latest monitoring from the Department of Energy showed that LPG prices range from P639 to P900 per 11-kilo tank.
This developed as the country’s oil firms raised pump prices by P1 per liter for gasoline, P0.65 per liter for diesel and P0.70 per liter for kerosene effective yesterday.
The latest adjustment resulted in a net increase of P11.75 per liter for gasoline, P9.90 per liter for diesel and P8.40 per liter for kerosene since the start of the year.
Oil prices have been going up for the past weeks on the strength of a rapidly recovering global economy and continued output restraint among US shale producers.
