Petron, Phoenix cut LPG, gas prices
Credit to Author: Tempo Desk| Date: Sat, 01 Jun 2019 09:25:10 +0000
Leading oil firm Petron Corp. trimmed its Liquefied Petroleum Gas price by P6.25 per kilogram inclusive of Value-Added Tax or the equivalent of P68.75 for the standard 11-kilogram cylinder typically used in households for cooking yesterday.
The price rollback which was enforced effective 12:01 a.m. was even bigger than the initial estimate of more than P5 per kilogram prior to the conclusion of Friday trading in the world market.
For Isla Petroleum, the price of its Solane-branded LPG products had been cut by P6 per kilogram, VAT included, effective 6 a.m. yesterday.
Without the VAT, the price adjustment of Petron LPG was P5.50 per kilogram while for Solane, the base price was at P5.28 per kilogram.
Petron also reduced the price of its auto LPG by P3.45 per liter, benefitting the vehicles using this alternative fuel.
“These reflect the international contract price of LPG for the month of June,” Petron said. The benchmark being applied for the Philippines and other Asian markets is that of Saudi Aramco, the biggest oil producer in the world.
Before the price cuts, the pick-up price for LPG in retail outlets varied from P613 to P796 per tank, according to data from the Department of Energy.
Alongside the LPG price cuts, Phoenix Petroleum Philippines Inc. advised that its gasoline prices will be cut by P1.75 per liter and diesel by P1.05 per liter effective 12 noon yesterday. (Myrna Velasco)