MANILA, Philippines?The LPG Marketers Association slashed its prices, this time by P2 per kilogram or P22 per 11-kg cylinder of liquefied petroleum gas effective midnight Monday night.

The group is composed of 40 independent LPG refillers in Luzon, some of whose brands are Pinnacle, Catgas, Omni, Nation, Island Gas, Continental and Regasco.

LPGMA president Arnel Ty said the latest adjustment brings the group?s suggested retail price to P494 from P516 per 11-kg tank.

It is the fourth price slash by members of the LPGMA this month. Another cut may yet happen before the end of November, Ty said.

?In November, we have so far decreased prices by a total of P12 per kilo,? Ty said. ?Our target is to cut prices by a total of P15 per kilo this month.?

LPGMA slashed prices by P3 per kilo on Nov. 1; P1 on Nov. 4, 7 and 11; and P4 on Nov. 14.

?We hope to bring down prices by P3 per kilo next week, although we are still not sure if we can do that in one go or on a staggered basis,? Ty said.

He said the reductions were due to lower international contract prices.

Big players like Pilipinas Shell Petroleum Corp., Petron Corp. and Total (Philippines) Corp. last cut prices on Nov. 12 by P6 per kilo or P66 per cylinder.

Based on monitoring of 25 LPG brands in Metro Manila, latest data from the Department of Energy showed that an 11-kg cylinder cost from P460 to P595.

As of Nov. 17, Fortune Gas was selling at P491-P595, while Philgas was at P460-P535.

According to the DOE, the international contract price of LPG plunged to $490 per metric ton or $314 less than the October price of $804 per MT.

The DOE said Dubai crude oil prices continued to fall and were hovering around $50 barrel or about 60 percent lower than its peak price posted on July 4 of more than $140 per barrel.

The falling prices are primarily due to investors? concerns over a global economic recession and its impact on energy demand, the agency said.