Updated September 1,
2018, 1:58 PM By Myrna Velasco
Due to upswing in
global prices, the price of liquefied petroleum gas (LPG) will go up by P1.95
per kilogram or a total of P21.45 for the standard 11-kilogram cylinder that is
used by most households for cooking.
Many Filipino homes and
even commercial establishments, like restaurants, depend largely on LPG for
their cooking needs, hence, this is an added blow to family and business
budgets this month.
Leading oil industry
player Petron Corporation announced that it will increase its LPG prices
effective September 1 (Saturday); while the rest of its industry rivals are
anticipated to follow.
At the same time,
Petron is implementing P1.10 per liter hike on the pump cost of its autoLPG or
the fuel used mostly by the public transport sector, generally taxis.
“These reflect the
international contract price of LPG for the month of September,” the oil firm
has noted in its pricing adjustment advisory to the media.
Another domestic LPG
industry player Solane announced price adjustment to be at P1.79 per kilogram,
but when adjusted with value added tax (VAT), it will hover at P2.00 per kg.
Asian LPG pricing,
including the Philippines, is referenced on Saudi Aramco contract prices which
had been up by roughly US$40 per metric ton this September compared to last
month.
LPG prices are both
benchmarked on the swing of butane and propane prices (the major components of
the commodity) as traded in the international market.
For September, it was
gathered that the Saudi Aramco-anchored contract prices had been at US$635 per
metric ton for butane; and above US$600 per metric ton for propane.
The global LPG market
had been viewed by traders as “robust” this month, although China has been
experiencing some ‘tightness’ and in need of alternatives for those US tons due
to the imposition of higher tariffs by the Trump administration.
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