LPG dealers watching big oil firms’ moves

MANILA, Philippines - Dealers of liquefied petroleum gas (LPG) are watching the moves of big oil firms so they can fine-tune their next price rollback. LPG Marketers Association (LPGMA) president Arnel Ty said they are now calculating how much they can absorb given the recent price rollbacks announced by big oil firms. "Pinag-iisipan namin gaano kalaki ang aming ia-announce. Kaya ba naming i-absorb yan para magkaroon ng susunod ang oil companies para magkaroon kami ng announcement (We are thinking how much we can afford to absorb. It will depend on how much price cut oil firms will have on their prices)," he said in an interview on dzBB radio. Earlier, he said the LPGMA welcomed the response of big oil companies to roll back prices of their LPG products. Ty said the LPG will announce another rollback in the coming days, possibly within this week. When asked if the next rollback will be within this week, Ty said, "oho (yes)." He said the oil firms should afford to further bring down prices because world prices of oil are still going down at this time. Ty also said LPG prices can potentially go down further by as much as P165 per 11-kg tank. "Ang tanong kung gaano katagal bago marating ang presyo na yan sa ngayon based on the contract price na $350/metric ton (The question will be, how long will it take us to reach that price, based on the contract price of $350/metric ton)," he said. At present, he said they could not achieve that big a rollback because oil firms are lowering their prices on a staggered basis.- GMANews.TV