Sunday, December 02, 2007 Oil companies hike LPG prices anew
OIL companies on Saturday increased prices of their liquefied petroleum gas (LPG) by another P1.50 per kilogram.
Petron Corp. said the P1.50 price adjustment will take effect 12 noon Saturday while both Shell Philippines and Total Philippines Corp., said the price hike started 6 a.m. Sunday.
"The international contract price for LPG is $130 per metric ton to $872.50 per metric ton. This is equivalent to P5.60 per kg increase in December based on forex rate average for November," Petron said in a statement.
Aside form LPG, Total said they are similarly implementing a P1.50 per kg adjustment in the prices of their AutoLPG.
So far, only Petron, Shell, and Total have announced the price adjustment but other oil companies are expected to follow soon.
The last price hike imposed was last November 17 with an increase of P1.00 per kg of LPG.
Based on the price monitoring of the Department of Energy, as of November 20, the prices of an 11kg LPG ranges from P529 to P602.50 higher than the P508 to P558 retail price last month.
Last November 15, Energy Secretary Angelo Reyes met the representatives of different oil companies, the transport sector and the industry to draft out measures that would mitigate the impact of the rising prices of fuel in the world market.
