Oil firms bring down LPG prices-A A +A
Monday, July 2, 2012
MAJOR oil company Petron Corp. implemented on Monday a rollback of P5.50 per kilo on its liquefied petroleum gas (LPG) product “Gasul” and a P3.45-per-liter decrease on the prices of AutoLPG or liquefied petroleum gas-based vehicle fuel.
Being value-added tax or VAT-exclusive, the rollback on Gasul would amount to a P68 markdown for a standard 11-kilogram cylinder while the price movement on its autoLPG, “Xtend,” is VAT-inclusive.
The significant price cuts are reflective of the drop in international LPG contract prices for July, the company said.
Figures from the Department of Energy (DoE) showed that as of Sunday, Gasul cylinders are retailed between P628 and P643, while a liter of Xtend is sold between P27.20 and P31.
Petron shed on Sunday P5.50 for every kilo of its cooking gas price in order to reflect sliding international prices.
On Sunday, the Liquefied Petroleum Gas Marketers Association (LPGMA) implemented a P1-per-kilo rollback on its cooking gas prices.
This is the third time in a month's time that independent retailers rolled back their prices. Rollbacks of P1 per kilo were previously implemented on June 21 and June 5.
Arnel Ty, LPGMA party-list Representative, said the June 21 adjustment was an “advance rollback,” saying that it was supposed to be implemented in July but was moved ahead because of plummeting world contract prices.
Since a regular household LPG cylinder weighs 11 kilos, a peso rollback would translate to an P11-markdown per tank.
This means that since June, cylinder prices from LPGMA brands have gone down by P33.
According to Ty, the new suggested retail price (SRP) for their cooking gas cylinders would be P573, down from P584.
LPGMA member-brands include Island Gas, Regasco Gas, Pinnacle Gas, Cat Gas, M-Gas, Omni Gas and Nation Gas. (PNA/Sunnex)