Major players roll back prices of LPG

MANILA, Philippines - Prices for liquefied petroleum gas (LPG) will roll back alongside gasoline and diesel prices, also as a result of decreasing prices in the world market. Major players, Petron Corp. and Pilipinas Shell Petroleum Corp., which retail Gasul and Shellane, respectively, said in a mobile "text" advisory said that it would cut the prices of its 11-kilogram cylinder tank by P1.50/kg starting 12:01 a.m. Saturday. LPG price as of August 1 stood at P631.00-P689.50 per 11-kg tank. Petron also said that it would cut down its price for autogas by P0.94 per liter. Petron autogas as of August 6 stood around P34/liter. Energy department data showed that imported LPG plunged to $881 per metric ton this month from its July average of $936.50/MT. Meanwhile, Liquefied Petroleum Gas Marketers Association president Arnel Ty said that independent players had cut their prices for an 11-kg tank by P1/kg on Friday morning and P0.50 per liter for autogas. Mr. Ty said prices of an LPG tank retailed by independent players now cost P625/liter from P635/liter, while autogas stands at P30.50/liter from P30.95 per liter. "We are now expecting prices to roll back weekly, although we are not sure up to when," Mr. Ty said. - BusinessWorld