Shell to roll back fuel and LPG prices on Aug 3

Homemakers and motorists will lighten up as there will be another price rollback for cooking gas and fuel. Pilipinas Shell Petroleum Corp.'s spokesman Roberto Kanapi announced on Monday the company will reduce the price of liquefied petroleum gas products by P1 per kilo on August 3. Shell will also cut the price of its premium or unleaded gasoline, diesel and kerosone products by 25 centavos per liter. It will, however, increase the price of its regular gasoline by 25 centavos per liter. Kanapi said the price cut was attributed to the downtrend in world oil prices last week. As of press time, other oil companies have yet to advise if they will follow suit and reduce their prices as well. Flying V chairman and CEO Chito Villacencio said the company may likely follow. On the other hand, LPG Marketers Association president Arnel Ty said the group's members will reduce the price of their LPG products by 50 centavos per kilo effective August 3. Ty said they expect a P1.50-per kilo reduction on LPG prices this month but they will carry the rollbacks in staggered basis. "We will have two more rollbacks after this. There was $25 per metric ton (MT) reduction in international LPG contract prices for August," he said. The contract price of LPG in July, Ty said, was $622 per MT. Ty pointed out that the suggested retail price of LPGMA members' 11-kg cylinder will now sell at P526 from last month's P532. Shell and the LPMGA implemented a price reduction of P2 per kilo on LPG last month. —JE/OMG, GMANews.TV