AFTER implementing a rollback in the prices of petroleum products Sunday, oil companies on Wednesday increased the prices of liquefied petroleum gas (LPG).

Pilipinas Shell was the first to impose the P3-per-kilogram adjustment or P33 hike for an 11-kg cylinder tank at 12:01 a.m.

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Petron Corporation and Total Philippines also increased their prices by P3 per kg at 6 a.m.

The adjustment, according to the oil firms, was "to reflect higher international contract price."

Last week, Arnel Ty, president of LPG Marketers Association (LPGMA), increased their LPG prices by P3 per kg.

Ty said the price hike is basically due to "increase in contract price in the international market.

He added that they also "observed that some suppliers may be hoarding the product's supply, so we just agreed to have an increase this month just so to have a continuous supply of LPG."

An 11-kg tank is presently sold at P432 to P530 per kg. (MSN/Sunnex)