Oil firms cut LPG prices by P0.50/kg

Oil companies on Friday announced a P0.50 per kilogram price cut for liquefied petroleum gas (LPG) effective midnight amid the softening of contract prices abroad. Petron Corp., Pilipinas Shell Petroleum Corp. Chevron Philippines (formerly Caltex), and Total Philippines were among the first to announce the rollback which took effect at midnight, marking the first price cut for March. "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 its statement on Friday. "Total is pleased to announce that we will be implementing a price rollback on all TotalGaz and Superkalan packages of P0.50 per kg," Total Philippines said. The Department of Energy said the rollback won't be the last as contract prices abroad have gone down. Energy Secretary Raphael Perpetuo Lotilla said the department expects a P1 per kg reduction in March. "We are looking at a price reduction in March of around P1 per kg or P12 per 11 kg cylinder (inclusive of value-added tax)," Lotilla said. He noted that the March contract price of LPG went down to $506 per metric ton from $526 per metric ton in February. According to the Energy department's latest monitoring report as of February 15, an 11-kilogram LPG tank now ranges from P443.48 to P515.00. The commodity's contract price for March of $506 per metric ton is lower than the contract price in February of $526 per metric ton and the price in January of $548.50 per metric ton. Prices peaked at $625.50 per metric ton in February 2006. -GMANews.TV