MANILA, Philippines—Liquefied petroleum gas retailers raised their prices by P1.50 per kilogram effective midnight Monday night due to an increase in the LPG international contract price this month.

This raises the price of an 11-kg LPG cylinder by P16.50.

In a phone interview, LPG Marketers Association (LPGMA) president Arnel Ty explained that the latest increase was due to this month's higher international contract price, which rose by $43 per metric ton from $394 per MT in May.

Ty said that at the retail level, the increase was equivalent to a P2.50 per kg price hike or P27.50 per cylinder.

For this reason, Ty said LPG retailers will increase prices again on Monday by another P1 per kg or P11 per cylinder.

He said this increase was passed on to them by local suppliers to reflect higher product costs.

LPGMA member companies, which supply LPG products to an estimated 30 percent of the Luzon market, carry brands such as Island Gas, Regasco Gas, Pinnacle Gas, Cat Gas, M-Gas, Omni Gas and Nation Gas.