Four oil companies have lowered the price of cooking gas, or liquefied petroleum gas (LPG), to reflect the decline in the fuel’s international contract price.
Petron Corporation, Pilipinas Shell Petroleum Corporation, Petronas and Total Philippines lowered the price of their cooking gas brands by 40 centavos per kilogram beginning Tuesday morning. This brings down the price of 11-kg LPG cylinders sold by these companies by at least P4.40.
The suggested retail price of one of Petron’s Gasul tanks now stands at P714.50. Cylinders were previously sold for in between P700 to P720 depending on location and proximity with competing brands.
On the other hand, Chevron Philippines did not announce any price cut for its LPG products. According to Chevron spokesperson Toby Nebrida, this is because the company no longer has control over the LPG products sold at its retail stations.
“Chevron divested from the LPG business in 2007 and sold its assets to Petron. They now own it and are receiving profits from it,” Nebrida clarified.
Other retailers, especially members of the LPG Marketers Association (LPGMA), have yet to lower their LPG prices.
The LPGMA is made up of Pinnacle Gas, Cat Gas, Omni Gas, Nation Gas and Island Gas, who altogether hold a third of the gas market in Luzon.
According to LPGMA party-list Representative Arnel Ty, the group will not post any price adjustments unless a more substantial decline in global prices is noted by January 15. He added that if ever, a price rollback will be implemented later this month, or in February.
"We’re waiting for January 15 to see if the trend is down,” Ty earlier said. “Probably oil companies will not wait until February.”
He added that the price rollback by the big oil companies was “not a reflection of the movement in international market prices but rather a marketing move,” to bring their LPG prices up to par with LPGMA prices.
LPGMA products currently cost around P600 to P680. - POC
