Petron, Shell to rollback LPG prices

Petron Corp. and Pilipinas Shell Petroleum Corp. will be slashing P2 per kilo off the price of their liquefied petroleum gas (LPG) on Friday, July 1. The companies explained that the price reduction is in line with the movement of international contract prices of LPG for July. Petron’s auto-LPG products will also be cheaper by P1.25 per liter. On Thursday, June 29, LPG contract prices were at $904 per metric ton (MT), $50 lower per MT than last month’s average. Auto-LPG prices, meanwhile, were at P31.40 to P31.50 per liter. Party-list Representative Arnel Ty of the LPG Marketers Association (LPGMA) of the Philippines said they have not yet implemented any price cut, adding that the two companies’ move to lower prices only put them on a par with the LPGMA’s prices at P680 for an 11 kilogram tank. Ty said that they would adjust to market movements by next week. He also added that the price decreases would benefit retailers and that bulk prices would remain the same. “They [Petron and Shell] are saying they have not been able to buy competitively-priced LPG in the region that's why they can't reduce their prices for bulk customers," he said. LPGMA buys in bulk from the Shell and Petron. Prior to the rollback, the two companies’ prices for an 11-kg LPG cylinder were between P687 and P757. — BC/VS, GMA News