RETAILERS of Liquefied Petroleum Gas (LPG) are rolling back by P1 per kilogram their products Friday.
Arnel Ty, president of LPG Marketers Association (LPGMA), said the price cut is basically to drive major oil players to reduce their LPG cooking gas prices.
Early this week, LPGMA roll back their LPG prices by P1 per kg even as prices of LPG in the international market went up.
Instead of matching their price, Pilipinas Shell Petroleum Corp. even increased their prices by 45 centavos per kilo while Petron Corp. did not make any adjustment in their prices.
Ty said major oil suppliers should also adjust prices since they source their supply to them adding that with their rollback he expect “competitive forces” to take place in the industry.
LPGMA roll back their LPG prices last January 5 due to drop in demand and stiff competition.
“This is also due to active competitive pricing,” Ty further added.
An 11-kilogram LPG cylinder is being sold between P618 to as high as P695.
As of January 5, LPG contract price was pegged at US$736.50 per metric ton (MT) or nearly US$ 10 per barrel higher than the December average of US$727 per MT.
Last December, LPGMA increased LPG prices by as much as P3.50 per kg due to increased in world market prices.
Comprising the LPGMA are Omni Gas, Pinnacle Gas, Island Gas, Cat Gas, and Nation Gas. (MSN/Sunnex)