MANILA -- The country's biggest oil company rolled back the price of its Liquefied Petroleum Gas (LPG) products on Wednesday, Labor Day, one day after prices of liquid fuels went up moderately.
In an advisory, Petron Corporation announced a PHP0.20 per kilo decrease in LPG, which translates into a PHP2.20 reduction in every 11-kilogram tank of Petron Gasul.
The company likewise reduced the price of its AutoLPG, which is almost exclusively used by the taxicab industry, by PHP0.10 centavos per liter.
Other companies supplying LPG are expected to have made the same rollback in prices at around the same time.
In its advisory, Petron's management said the price reduction simply "reflected the international contract price of LPG for the month of May."
It was explained that LPG is traded separately in the world market from liquid fuels such as gasoline and diesel. For this reason, it is not surprising that LPG prices are softening while gasoline and diesel prices are on their way up. (PNA)