MANILA, Philippines—Petron Corp., the country’s biggest oil refiner and retailer, has slashed the price of cooking gas by P8.50 per kilogram effective Sunday.
This means that the price of an 11-kg cylinder of liquefied petroleum gas has gone down by P105.
According to Petron, the hefty price rollback was due to a decrease in the international contract price of LPG for April.
Petron likewise advised that it has cut the price of auto-LPG by P5.32 per liter effective also on Sunday.
Other LPG retailers have yet to announce their respective adjustments.
Fernando Martinez, chairman of the Independent Philippine Petroleum Companies Association, earlier said that the decline in LPG prices can be attributed to high global inventories, resulting in an oversupply of the fuel.