LPG price up P3.50/kg

MANILA, Philippines - Still citing high contract prices, the Liquefied Petroleum Gas Marketers Association of the Philippines (LPGMA) yesterday said it will increase prices by P3.50 per kilogram and P2 per liter for autogas, effective Saturday. "This week, LPG [contract] price is now at $910, against $845 last month, giving [sic] a $65 increase," LPGMA president Arnel Ty said in a phone interview. With this latest increase, the price of a standard 11-kilogram LPG cylinder will rise to P610 from the current P568. He also warned that another round of increase might take place next week. "We might have a P0.75/kg or P1/kg increase by first week of June, coz the computation of our suppliers is really P4.25/kg but we will only limit it to P3.50/kg since the first amount is too high," he added. The LPGMA retails 24 brands, which include Pinnacle Gas, Cat Gas, Omni Gas, Nation Gas and Island Gas brands. The price of autogas, which is LPG used to fuel vehicles, will increase by P2/liter from the current pump price of P27.70/liter, Mr. Ty said. Major oil firms, have yet to comment if they will increase their LPG prices. Petron Corp. retails Gasul while the other major brands are Shellane of Pilipinas Shell and TotalGaz of Total (Philippines), Inc. The LPGMA last increased cooking gas prices last week, by P0.50/kg. It has adjusted prices three times this month for a total increase of P3/kg. - BusinessWorld