LPG, oil prices go down
Credit to Author: Tempo Desk| Date: Fri, 31 May 2019 09:10:18 +0000
Filipino households will gain financial relief in their cooking fuel budget as the price of Liquefied Petroleum Gas is anticipated to be rolled back by P5 to P5.60 per kilogram today.
For the 11-kilogram cylinder used by households, that will entail total cost reduction of P55 to P61.60, according to initial calculations provided by the industry players.
LPG firms qualified that the actual adjustment may still have changes as trading winds up at 4 p.m. yesterday, although the final number seen will be more than P5 per kilogram.
For gasoline products, the calculated rollback next week will also be hefty at approximately P1 per liter and diesel by P0.70 to P0.80 per liter, according to the oil companies, based on the four-day outcome of trading in the week.
The cost of LPG in the country moves on a monthly basis, and often hinged on the contract prices of Saudi Aramco, the pricing reference being employed by Asian markets.
With this downtrend in cooking fuel cost, it is similarly anticipated that the price of LPG used in automobiles – primarily the taxi fleets in the Philippines – will also be reduced this month.
The LPG price rollbacks are due to be enforced today, based on the latest mandate of the Department of Energy that the cost of LPG commodities be adjusted every first day of the month.
In a circular issued by the DoE, it similarly directed that pricing adjustments for liquid fuels being retailed at the pumps be implemented every Tuesday of each week. (Myrna Velasco)