Petron, Solane hike LPG prices

TEMPO Online
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Petron Corp. and Solane yester­day increased the prices of Lique­fied Petroleum Gas, the cooking fuel for most Filipino homes, by R0.90 to R0.91 per kilogram or R9.99 to R10.01 for the standard 11-kilogram cylinder.

Petron Corp. said the price in­crease inclusive of Value-Added Tax took effect at 12:01 a.m. It also increased its auto LPG prod­uct, which is commonly used by taxis, by R0.50 per liter.

“These reflect international LPG contract prices for the month of July,” the oil firm said in justifying this month’s upward adjustments.

Solane increased LPG price by R0.91 per kilogram or R10.01 for the standard 11-kilogram tank at 6 a.m.

LPG price adjustments follow the cost swings in international con­tract prices, which is benchmarked on Saudi Arabia contract prices, a pricing reference for Far East mar­kets, including the Philippines.

This contract price is often set by Saudi Aramco at the beginning of each month. Last month, Saudi Aramco set LPG contract prices at $560 per metric ton for both pro­pane and butane products. (Myr­na M. Velasco)

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