LPG prices rise for 5th straight month

Prices of liquefied petroleum gas (LPG) increased for the fifth month in a row by up to P7.40 per kilo this October as contract prices surge. Market monitoring by the Department of Energy showed that the latest increase brought the five-month total to P18.63 to P18.80 per kilo. Since June, the benchmark Saudi Aramco contract price for propane jumped from $530 per metric ton to $800 per MT. Local prices of an 11-kilogram LPG tank ranged from P600 to P905 in June from P717.04 to P999.15 in September. The latest increase would bring the range to P798.69 to P1,080.55 per 11-kg tank. Petron Corp. and Phoenix Petroleum Philippines said the price hike would be implemented in two tranches—the first at P4 per kilo or P44 per 11-kg tank effective Oct. 1 and the second on Oct. 8 at P3.35 per kilo for Phoenix and P3.40 per kilo for Petron. Auto LPG price will also increase by P4.15 per kilo for Phoenix and P4.14 per kilo for Petron—also in two installments. —Ronnel W. Domingo