Petron to cut LPG prices by P0.50/kg

Petron Corp., the country's biggest oil company, will cut prices of liquefied petroleum gas (LPG) by P0.50 per kilogram effective midnight. "Petron is pleased to announce another P0.50 per kg (inclusive of value-added tax) rollback in Gasul prices effective midnight later to reflect the drop in contract prices," Petron said in a statement. The Department of Energy's latest monitoring report of February 15 showed that an 11-kilogram LPG tank now ranges from P443.48 to P515.00. LPG prices in February dropped to $526 per metric ton, lower than the contract price in January of $548.50 per metric ton. Prices peaked at $625.50 per metric ton in February 2006. -GMANews.TV