Shell, Petron to slash LPG prices

Major oil companies Petron Corp and Pilipinas Shell will cut the prices of their liquefied petroleum gas (LPG) on Saturday, right on the heels of an earlier price rollback from small LPG dealers. GMA News reported Friday that Petron will slash the price of its LPG by P1 per kilogram while Shell will implement a P0.50/kg rollback. Both price cuts will take effect at 12:01 a.m. Saturday, the report added. An 11-kilogram LPG tank from Petron will cost P11 less while Shell will be taking away P5.50 from the price of their LPG tanks. The oil firms said that a drop in the price of petroleum product in the world market prompted them to reduce their prices. On Thursday, the LPG Marketers Association implemented a similar rollback, slashing P5.50 off their 11-kilogram LPG tanks. - Mark Merueñas, GMANews.TV